My 7mm 08, shoots 120 Gr. Nosler Ballistic Tips, great, although I use 140 Gr mostly for deer. Might try a lighter bullet, if rifle will stabilize it.
This is the reason most offerings are in the 140gr area. The rifle twist of most 7mm-08' s stabilize the 140 grain bullet the best for accuracy. Doesn't mean you can't find something that will work in your particular set-up in the 120gr area, that could give you satisfactory accuracy you may need for varmints.
Good luck