Just out of curiosity, not a criticism, why 160gr? Conventional wisdom seems to suggest 140gr are a 7mm08 sweet spot?
I think a 140 would work really well. I guess I just tend to err on the side of heavier, slower bullets for a given caliber, especially when elk are involved. I do put some stock in sectional density and its relationship to penetration (though I think many people overstate it). And, when you match up the 140 and the 160, the 140 does have a flatter trajectory, but it doesn't have much advantage in terms of power. The high BC of the 160 more or less makes up for the slower push.
On a ballistic calculator, at 300 yards (and 7000 ft. elevation), I get:
140 grain: 2373fps 1751fpe
160 grain: 2183fps 1692fpe
And I was pretty generous, giving the 140 2800fps. I think with my 22" barrel I'd be more apt to get 2750 or so.
All that said, I don't think I'd use this load again. The next time I go after elk I'd like to play around with the 145 gr TTSX LR. The numbers on that bullet are really impressive if your rifle likes it pushed fast with RL 17, etc.
No question though, the 140 would be worthy choice. I shoot a 145 grain Speer Hot Cor here at home, for deer.