As was said above, what kind of hunting ranges are you looking at and what 7mm are you shooting? 7mm-08, 7mm Rem Mag, etc.
Have you had to turn down shots due to magnification/because optics weren't allowing early morning/late day target acquisition with your current scope?
Is your current scope a Leupold 3-9x50 of some sort, by chance? A good hunting friend and mentor had one on his '06 M70 Featherweight. It was more of a campfire talking point than a benefit in the field based on comparing to my identical 3-9x40 Leupold, but gave him confidence he had an "edge".
For me 50mm is overdoing it. Both aesthetically and functionally for elk (Colorado) hunting that I have been a part of. It ruins the balance (for me) of the gun with the scope sitting up high.
With most hunting guns it makes you come up off the stock due to the necessary high mounts, adds a bit of weight and doesn't add enough extra light capability vs 40mm in the same scopes from my experience in any legal shooting hours situation. From my understanding 50mm objectives got their first traction in European hunting where they hunt at night. Elk in the USA cannot be hunted at night.
First thought is go with a 3-9x40mm in a good brand mid range scope.
A 40mm objective paired with decent glass internals is plenty to allow any shooting during legal hours, early in the day or late.
As you know, elk are big critters and at 400 yds for instance, 9X is plenty in my opinion and experience during 30 years of elk hunting. For instance, the 50 mm obj adds $100 to the price tag of a Leupold VX3HD 3.5-10 vs a 40 mm. Lots of really good 40mm scope options that could up your optical game by spending on a bit better glass vs than the same scope in 50mm, depending on what scope you currently have.
Lots of thoughts, but it's a stab at what you are looking for until a few more details are shared with the collective.