For all practical purposes the 7mm Mag is a .30-06 with a belt. It does have some advantage in that one can use lighter bullets without sacrificing sectional density and hence get a flatter trajectory than an equivalent sectional density load in .30-06, however, the .270 does pretty much the same thing, so you made the right choice I think.

Both loads are in the .30-06 class and hence adequate for most anything in North America, but the .270 will be a tad easier to shoot and cheaper as well. People say they don't notice the difference in recoil between the 7mm Mag and the .30-06, but it's there and you notice it if you shoot enough.

Whatever's wrong ain't the bow and whatever's right is the archer.