Great info guys. I really appreciate the opinions and info. Lots to digest and consider.
Just to clarify, my Tikka 7-08 is the gun I use for my kiddos and although not necessarily poking elk at 500, I'd like to have a load that is capable. I've got heavier calibers in the safe, but really love the compact size of this gun and light recoil. Since its so light and nimble, I often find myself grabbing it for deep backcountry trips as well.
After reading through all the comments, I'm thinking about starting out with Barnes 145 LRX with some Ram Shot Big Game or StaBall 6.5. Velocities appear to be a little higher with these powders, but we'll see what kind of velocities and groups I'm getting with the shorter barrel on this gun. Looks like I should be able to achieve MV between 2800-2900fps.
If I'm seeing low velocities, I might jump down to the Barnes 139 LRX or try some different powder, but would like to try 140+gr bullets first.