I have a lightweight all-weather stalking rifle, a Savage 16 Lightweight Hunter. 7mm-08 is a good caliber with reasonable recoil. It doesn't need to be terribly accurate, and it doesn't need a high ballistic coefficient, because I won't be using it at long ranges.

Rifle: Savage Model 16 Lightweight Hunter

Update: Winchester has released a new powder, StaBALL 6.5, that seems like it would be great for this caliber. A ball powder that is temperature insensitive, increased velocities, and low standard deviation. I definitely need to try it. Looking at velocities, I'm starting to think that 120 gr. is too light (too fast).

Deer Hunting

My primary intent for this cartridge is deer hunting. An ideal bullet weight is 140 grains or less, as I am trying to keep the recoil down. I don't need to make any effort to get close to the maximum charge or velocity.

BulletSierra 120 gr. Pro-Hunter
PowderH4895, around 42.8 gr.
PrimerCCI 200
Sierra 120 gr. Pro-Hunter
I know I had settled on the Hornady bullet, but now I am thinking the lighter bullet would be a better choice. Less recoil, and less nonsense. This bullet has gotten great reviews as a game taker. And if this is a stalking gun, why do I need a boat tail? The 6.5mm Pro-Hunter performed well for me in Arkansas. UPDATE: Initial testing with H4895 has shown some promise, and I will work to dial in a load using this bullet and powder combination.
Hornady 139 gr. InterLock BT
This is the obvious choice. It is 139 grains, and it has a cannelure. I've decided to skip the plastic tipped SST, but I did get the boat tail. These are actually quite economical bullets. UPDATE: My initial testing with this bullet has produced some groups that were good enough, but not great.

I think I'll probably start with H4985.

Sierra 120 gr. Pro-Hunter – These touch the lands at approximately 2.765" COAL. For testing, I will back 0.025" off of that, for a 2.740" COAL.

Sierra 150 gr. Pro-Hunter – These were a Grafs special, and they are no longer offered by Sierra. However, it is encouraging to know that the ogive is such that they touch the lands at approximately 2.775" COAL. It might be worth trying the 140 gr. GameKing or Pro-Hunter (or TGK!) if I can't get good accuracy from the Hornady bullet. There's also the 120 gr. Pro-Hunter, which would be even lower recoil, and who needs a boat tail at short ranges?