Just a point of clarification, Speer doesn't provide loading data for Hornady bullets. Only Hornady and perhaps a powder manufacturer will have tested Hornady bullets. The standard reloading caution of - "Reduce charges and work back up when changing any components" is always appropriate and when doing ladder load development, there is nothing that guarantees that you can safely get to the max charge in your weapon anyhow. OK, off soapbox.
Hornady, 7th ed, doesn't show either IMR 4350 or H 4350 for the 120 V-Max. IMR 4350 first shows up in their data with their 139 gr bullets (next step up) with a max of 46.5 gr. They do list AA 4350 with a max of 46.6 gr in the 120 gr data providing a velocity of 2800, 200 fps below most of the other loads.
Hodgdon's site does have data for 120 gr Nosler BTs with H 4350 which is compressed at the max of 50.0 gr but IMR 4350 isn't shown until the 130 Sierra BT with 47.0 max (compressed). The H 4350 has shorter grains than IMR4350 which would make it easier to get it packed into the case, so I'm not surprised you filled the case to the top with 50.1 gr.
All this leads me to believe that the Hodgdon and IMR 4350 types of powder (with slower burn rates) are better suited for heavier bullets and not optimal for the lighter weight bullets in the 7mm-08. If I was in your situation and determined to use IMR 4350, I would personally consider the 50.1 gr, filled to the top of the case, the absolute maximum and not try to fit more in considering the available Hodgdon data, their data uses boattails which some claim cause increased pressure (occupy more space in case for same COL), and my personal feelings about compressed loads (some compression OK, substantial NOT). Standard disclaimer - you are responsible and accountable to yourself for your reloading activities and I am only giving my personal opinion
If it was me, and assuming that you don't have both IMR 4350 and H 4350 on hand right now and decided not to use the IMR, I'd look to use a quicker powder in the Varget or IMR 4064 class like Stimpy recommends, which Hornady does have published 120 gr data for. Even something as quick as H 4895 is appropriate per the Hornady manual but it isn't used beyond 120 gr.
Hope this helps.