First off, congrats on the new toy! Seeing how its a "pass-down", treat it like is was gold. I'm not saying don't put it to use, but it'll only gain more sentimental value as you get older, so take the best of care of it. As for the gun itself, the Model 7 is a fine little rifle and 308 is also a fine cartridge. As for what load to use, 150 grainers are just fine for deer as long as that weight of bullet shoots well out of your particular rifle. If you try them and don't get good results, you may need to go to a different load. Good luck and congrats on your new rifle.