The 7mm mag will be fine for taking deer at just about any practical range. It's certainly not needed for close shots, but so what. My primary deer gun is a .300 Wby and I use it at all ranges both short and long. I've got two 7mm mags and they also work in both circumstances.

As far as bullets are concerned, you can't go wrong with the 160 gr. partition or 154 gr. Hornady interlock.