I used 120 grain Hornady Spire Points in my 7mm-08 for a few years, then quit!
I shot several deer with the 120's, but I was not really satisfied with them because I never got an exit hole and a blood trail was almost nonexistent!
So, I went back to the 139 grain Hornady Spire Points, and that's what I still use!
I do think that something like a Nosler, or other premium bullet would be ok in a 120 grainer!