Since this is a long range hunting forum, I'll assume you're talking about longer range shots on medium to large game (500 - 1000 yds)
I think the consensus these days is 160 gr and heavier, with a 24"-28" barrel. If I were to build a 7RM rifle I'd look hard at the Hornady ELDX and ELDM 162-180 gr offerings, the Nosler 160 Accubond and 168 or 175 Accubond Long Range (some say they are not so great on game), and of course the Berger hunting bullets in the 170 neighborhood.
Any bullet with about 0.550 BC (160 gr class) and 3000 fps, or ~0.650 BC (175 gr class) at 2900 fps, will reach way the heck out there and have plenty of power for anything up to elk at 700 yds.
Based on Berger's stability calculator, if you choose the heavier pills, a 1:8 twist would probably be best. That'll keep the heavy guys above 1.5 and the lighter bullets won't be above about 2.5.