Interestingly, in my rifles chambered in 7mm-08, they seem to shoot the Light Magnums more accurately than standard ammo.
This, of course, is not to mean that LMs should shoot better in ALL guns. I'm just saying that they seem to shoot better in mine.
117 grains for a .284 caliber bullet seem light to me. However, If the 117 SSTs shoot 1/2" groups, then I wouldn't hesitate to use them in your 7mm-08 (that is, of course, if you use them on smaller to medium sized deer). I honestly didn't know that Hornady made 117s for their 7mm-08s.
Zachary