I've killed a few elk with the 120Ballistic in the 7-08 Ackley and they worked perfectly. Two were 6X6s and the 120 did all that could be asked of a bullet ... only one per customer
The 139-grain Hornady Interlocked also kills the snot out of elk in the 7-08 Normal or Ackley. Personally, I see no reason for a heavier bullet than this, but YMMV.
Blessings,
Steve