I've got 2 of the old (18.5 inch barrel) M7's; a 7/08 and a .260.  They both shoot into an inch.  I don't use much factory ammunition, and but when I do it's to establish a control group for handload development.  But!   

  If I had a M7 in 308, and if I was going to shoot factory ammo in it, I'd just buy Remington or Federal 150 gr loads and not worry about it.  You already know it's a 2 inch rifle with what you're using, and that's fine... for a starting point!   

  And it will do for most deer hunting.   

But!  
 
  I would make sure the barrel is fully floated, then bed the recoil lug and see how it shoots with the same ammo.  I'd expect a noticeable improvement!  Then I would get involved in the joy of handloading!  

  But that's just me...  

  And I'm told I'm kind of an anal type...  

  Not by my gay acquaintances though...  
