Personally, I have always been partial to the Hornady 162gr A-Max bullet for longrange deer with the 7STW.
The A-Max is very accurate, has a high BC, and expands readily at almost any range. I have shot several deer and antelope at extended range and have been very impressed with the results.
This past season I decided to take high shoulder shots with the A-Max. I shot a few deer between 300 - 500yds. Each deer hit on the shoulder was DRT. Broad side lung shots are equally lethal but the deer may travel 10-25 yds before piling up. Small deer will just drop.
I would not use the A-Max on Elk with so many more suitable bullets available. The 160gr Accubond would probably be one of my first choices. In the big cases like the STW you can get heavy bullets up to a good velocity, so why wouldn't you use them? I like the lighter bullets (140gr-150gr) in the 7mm-08 and similar cartridges.
Just my 2 cents.