Since I have better suited rifles, I have never taken a 7-08 elk hunting. My son used what was the exact same model 7 to make our longest shot on a mulie. 284 long steps. 140gr NP, one shot, two jumps, dead deer.
If a 7-08 was my only rifle, I'd load it up with a 160gr grand slam and go elk hunting. Since I'm not a "poke and hope" sort of hunter and, in fact, haven't killed an elk at too much over 100 yards, I wouldn't angst too much about range.