That'll work, but keep in mind that BR chambers don't always fully clean up when opening to 7mm-08. I'd leave it as-is. You can also make BR brass if you so choose. The process is straight-forward, but in some instances -- mainly when using .308 brass -- necks may require turning. But there are lots of affordable cartridge/brass options out there from which you can choose to make 7mm BR.
The 7BR has always been one of my favorite chamberings. A 120 grain Ballistic Tip will easily give you 2400 fps from an XP and will reward you with superb accuracy. H335 was my preferred powder for this one.
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