Canhunter35 probably just revealed one of the biggest secrets in reloading! Long bearing surfaces on heavy for caliber bullets will line up better in the freebore, leading into the rifling, when compared to a shorter bearing surface in the same gun, period!
Think about it this way, if the freebore has a diameter that is usually .0005" over the diameter of the bullet the bullet is at maximum yaw when the front of the bullet is touching the bottom of the barrel and the rear of the bullet is touching the top of the barrel. The bullet can not yaw any more than this. If that bearing surface is elongated, for example a 195gr. 7mm EOL, vs. a 162 gr. VLD (Both Bergers), then the maximum amount the bullet can yaw is far less. When you solve for degrees off axis of the bore.
I believe this is why the SMK has such a reputation for accuracy. It has NOTHING to do with the radius of the ogive. The SMK has a comparatively, very long, bearing surface which aligns the bullets in the FREEBORE, almost immediately.
Long story short, I would look hard at a new barrel (sounds like your's is probably shot, or just have it set back if you can), keep it 7Wby. since you have all the equipment and make it a 1:8 twist, then shoot the 195's or if you really don't like bullets that big run a 160 Accubond or something similar. You really won't give up much in trajectory with the increase in velocity until you are probably past 500 yards. And let's be honest, shots past that distance are definitely the exception for 90% of us, even in this forum.
Just my thoughts, good discussion!