GB, as much as I LOVE Nosler BT's, I have to agree with you. We use them in .308's and .30-06's in 150 and 165 gr, respectively, and we have great success with them at the ranges you describe. Unless you can guarantee heart/lung bullet placement, don't use them at these ranges in the 7mm Mag, they will act like a varmint bullet. If you were talking 100-400 yds., I'd say go for it, it will be perfect. I can't help but ask the question....Why are you using a 7mm Mag at ranges of 40-100 yds? This seems like a perfect opportunity to use a different barrel in your Encore, like a .308 or 7mm BR. Of course, if it's the only rifle barrel you have, then by all means use it, but you'll like yourself better if you pony up and buy the Nosler Partition bullets for these ranges, guaranteed to run a deer from one end to the other and fully penetrate.
Selmer