The 7mm-08 is fine for black bear. I would shy away from the 120 gr bullets though and use nothing less than 139 grainers. (154s preferred for blackies). I've taken several deer with mine using Hornady's 139 gr interlocks. The Hornady SSTs just didn't shoot well out of both of my 7-08s.
The interlocks will work fine for both deer and black bear. But if your area holds really big bear I would probably go with something like the partition or Barnes bullet.