7mm-08 is plenty for Elk. I'd prefer to accompany a hunter who has a lot of trigger time on a light-recoiling 7mm-08 than one who maybe zeroed their 7mm Remington Ultra Mag and hasn't shot more than 2 boxes in the year. With a 154gr, you're looking at 200fps difference mv, and the 7mm-08 will do 2700-2800fps with a 154gr Interbond (.530 BC).
Hunters are consistently taking medium-large, and even large game with 6.5 Grendels within 400yds, even using 18" and 20" barrels with the right bullet. Heck, there are guys who have killed trophy Audad with 14" TC Contenders in 6.5 Grendel using the 100gr TTSX.
I would prefer a 7mm hunting bullet of similar weight over the equivalent weight .308 bullet any day, mainly because of BC and the ability to hit easier in the wind. Find me a .308 hunting pill in the .530 BC range that weighs anywhere near 150gr. You need a .308 190gr SMK to touch that BC.
Another great 7mm hunting bullet is the 139gr GMX solid with .486 BC. That will blow right through Elk, with excellent expansion. It acts more like a 160gr, and is longer than a 7mm 162gr BTSP. You can shoot the 139gr GMX at 2900fps from a 24" gun.
This talk is making me think about a 7mm-08 DPMS GII now, although I've been wanting a lightweight .260 mountain rifle for a while. Don't really need it, since I have 4 Grendel's now and a .260 Remington.