Okay, I did the exact same thing.
Bought a brand-new Tikka T3x in '06, put on the Limbsaver pad, then loaded up full-strength (Superformance powder) 180-grain Accubonds. It shot great. I mean really great. 1/2-3/4 MOA at 300 yards routinely and outstanding velocity.
But at 6 lbs. 14 oz., that recoil was sharp. It didn't hurt, but it was enough that after a few months, I caught myself thinking about the recoil as I was squeezing the trigger. That's not good. I know how important it is to focus on the target and follow through, and that rifle combo was just enough to take my mind off that.
So what did I do? Almost exactly what you are proposing. I swapped that '06 Tikka for a T3 in 7mm-08, and I've never looked back. I shoot that rifle extremely well, and my 162-grain hand loads out of my 7mm-08 carry more energy than I need at distances further than I'm willing to shoot.
So I say go for it. If you want a Model 7 mountain rifle in 7mm-08, get one. You won't regret the decision.