Duffy,
Please keep in mind that all the numbers in the world will not provide a fail-safe formula. If you took a paper clip and took out all of the bents out, it would be about 6 inches long and probably have a section density of about a million. However, would I use such a bullet on elk or any other animal, obviously not.That said, certain numbers can be usefull when used with practical experience.
With regard to section density, on paper, the 7mm 160 grain bullet seems to be better than the .308 180 grain bullet. However, all else being equal, my experience is that the .308 180 grain bullet is a better penetrator on elk or anything else. Please realize that the added benefit of the .308 bullet is that, since it is wider, it will produce more tissue damage and, hopefully, an exit wound.
Zachary