I too have used the 7-30 Waters with good success. Each and every Whitetail I took with the 7-30 Waters was taken with a 120gr. Nosler Ballistic Tip. I learned that when the impact velocity was above 1800 FPS (or maybe a little more) bullet expansion was great.
However I did take one Whitetail Buck at long range in which the impact velocity had fallen to around 1700 FPS. In this instance I would have more than likely had to track the Buck had I not hit sufficient bone to expand the bullet. At an impact velocity of 1700 FPS the 120gr. Nosler Ballistic Tip broke the tops of both shoulders, just clipped the very bottom of the spine, and exited leaving about a silver dollar sized exit hole. Had this been a behind the shoulder lung shot I would have had work to do in finding the buck I am sure.
I used Winchester 748 powder with the 120gr. Nosler Ballistic Tip, and was able to work up to the max listed in the Nosler Data. The velocity I obtained from my barrel is a moot point as it was a 10" 7-30 Waters.
In my opinion the accuracy you and your handgun are capable of, and the 1800 FPS MINIMUM for Impact velocity will be the determining factors in your maximum range.
The 7-30 Waters is an excellent cartridge, it's recoil is quite tollerable, it is easy to load for, and delivers quite good accuracy.
Good luck on your hunt.
Larry