There are many answers to give, but this guy and this answer are the most credible concerning drop corrections for angle.
Lots of people reply but just pay attention to what Shawn has to say. If for some reason you don't understand it then send me (or Kirby) a PM
For a 7AM at the speeds you quote, the corrections I use are as follow:
Effects @1000 yards
10 Degrees F = 0.1 inches of drop
1000 ft elevation = 0.2 inches of drop
You should put those numbers at the top of your paper drop chart
But as Shawn and Kirby and Goodgrouper and I and everybody who actually knows about these distances will advise you, if you have a PDA by all means use it. If you are pressed for time and feel you can get a good accurate shot off, the corrections for temperature and altitude I give you will do you OK but not great.
If you hang around this forum until this Fall you will see some spectacular shots made with a 7mm AM. I have pretty much run the little 240 Wby as far as it will go (1140 yards) and now it is time for Tiger Stripes to stretch it on out and cause tremors of terror through all of the antelope of Wyoming. I can hardly wait I am so excited. I have a new hunting partner and things are going to happen. I hope I get drawn on a good unit.
The 7mm AM is really a terrific cartridge and is great for bothering the people who think you need a 338 nuclear warhead to kill something.