A lot depends on when and under what conditions you plan to hunt pheasants.

Opening weekend with a pointing dog, sure #7.5 work great except the bird will have a lot of pellets in the meat.
Two weeks in when the non-residents have pressured everywhere, #6 is light.
Late season, pressured, flushing dog, #5 is minimum, with #4 in a tight choke far more useful for all-around.

The 16 gauge 1 1/8 #5 load is a great all-season pheasant killer.