Re: 7mm08 for elk?
The 7-08 will work fine for elk. Just keep the yardage reasonable, and use a well constructed bullet. You may want to run some ballistics on the 160AB vs the 140Ab and the velocity you can get out of the 7-08 with each. I did made the same choice several years ago for my daughter, and went with the 140AB due to better performance at the ranges that would be reasonable. I don't think the 7-08 can get the 160g bullet up fast enough to give you any benefit over the 140g. You already have the 140g load working. I think you are good to go.
To hunt... or not to hunt...? What a stupid question.