7mm Mag

I would seriously look at a different caliber for anything beyond 500 yards. Factory barrels in 7mm RM or UM just aren't built to tight specs because barrel erosion is such a problem. Dropping to 6.5mm opens a lot more possibilities. Plus it's a lot easier on your body and your rest.
 
It's been done before with 7mm Rem Mag.
Heck it's been done with 300 Win Mag, and i think the 375 H&H.
Use what you want to use.
 
Nothing will be cheap about long range shooting with a magnum caliber. You'll have to reload and load develop. An inexpensive Savage with a good after market barrel would be a place to start. Factory barrels just don't work well. Mid range scopes are in that $400 to $700 price range. Your goal will be to shoot inside .3 moa@100 yd. and have the highest and most consistent velocity.
 
Consistant, yes.
Highest velocities? Not so sure.

Of course your probably going to use the heaviest, most aerodynamic bullet possible. But why not load down a little?
You could still get decent velocities. Easier on the shooter. Easier on the rifle. Easier on the cases.
 
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