I've had a Waters since the first day one arrived here in my hometown. I still have two.
First of all a Contender is not capable of handling the pressure generated by a 7-08 thus the 7-30 Waters was born. It is easy to load for, rediculously accurate, easy on the shoulder and drops deer like lightning. Ya get that ?

Factory ammo is hard to come by but effective but this is a handloaders dream. 30-30 brass is cheap and easy to find. Neck it down, load it up and shoot it. Even fire form loads of "deer effective".
In a handgun of 14" like the Contender your effective range depends on your ability. I have shot antelope with mine out past 165 yds. and often show much better than most rifle shooters at any rifle range.