No, It does not look like a bullet issue.

I've had 2 scopes that would do this!!!
Something was loose in the scopes.

Both times the rifle would shoot what looked like 2 groups, alternating shots between groups. Seems each time the rifle recoiled the point of impact would flip from one to the other. Neither rifle was a hard kicker - 7mm Mauser and a 308. Both times I sent the scope back to manufacturer and they came back fixed.

killadoe,

Try putting the scope on another rifle. If it does the same 2 groups thing, It will prove its the scope and you'll get faster attention from the customer service.

It's the ammo, mine shoots same way. The load is so hot that you cant get a good group due to barrel heating. I like how the first shot is, but my next two or three stink if I just shoot without stopping in between shots to cool down. Compared to the the HSM 139 BTSP I get from Cabelas in bulk the new Superformance aint so super.

killadoe,

Any Luck?

You've got a nice rifle, now get off the wallet and buy 3-4 boxes of different factory ammo, that's the only way you will find what the gun likes...

One brand of ammo isn't any better than the other, it''s what your rifle prefers, some like cheap CoreLokts and some more expensive Federal Premium...

update
 

Well guys I tried the hornady superformance sst's, I tried the federal fusions, I tried the core lokts, and I tried the winchester power points. I took the scope off, made sure everything was tight, blue lock tight on the bases. Nothing, just couldnt get the gun to shoot. Didnt know what to do, yeah it would have killed a deer 100 yards or so, but it wasnt right.

SOOOOOOO, I traded it for a remington 700 7mm Mag. I put the same scope and mounts on the 7magI can almost touch holes at 100 yards with cheap ole federal powershoks. Last week I killed a deer at 191 steps, then this week I killed one at 25 yards. So all in all I think I came out ahead by getting rid the 7mm-08.

Not that it matters now that you've traded the gun.... but it really sounded like a barrel to stock fit problem. if I read your original post correctly, you were only shooting 2 shot groups....first shot from a cold barrel, second shot from a hot barrel...then letting the barrel cool? If this was your session then I would bet that if you shot 3,4,or 5 shot groups, the 3rd, 4th, and 5th shots would have been grouped with the second.
Anyways, wish you all the luck with the magnum......I like magnums better anyway,lol!!!

That is what I was thinking. Id be interested to know if it was a heavy barrel.