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This has been my experience with the 270WSM. My M70 never would deliver the that "magnum" velocity. Was blowing primers getting to the same velocity as my CLR and Savage 270's. Had it throated and still would only get maybe 50 fps more. Wasn't as accurate as my 270's either. It's sitting around wanting a rebarrel to some other WSM, maybe a 7mm?
A few of my friends that have explored the LR potential of the 270WSM and now prefer it as their go-to LR round.
In their experience it puts large game down just as effectively as their 300 Mags with half the recoil and muzzle blast.
It takes a very good bullet and the right powder, but the potential is there. Talking past 700+ yards. Closer in the ole 270Win is right there with it.
I would pick the 7WSM as well, but I'd shoot the 270WSM barrel out first, but that's what they did and they ended up liking the round to stick with it.