Never owned a 7-08, but I know it has a terrific reputation for deer hunting. I'd say, go ahead. It should work great. 308 or 243 would probably have wider ammo choices and availability though. But, where I live rifles are not allowed for deer so 7-08 is not common. It might be completely different where you are.
I have the full size RAR all weather in 7mm-08. I agree with Spikedriver that the .308 has a lot better selection of ammo both factory and reload. Depending where you hunt this would help in custom tuning for the size deer locally (monster or dogs with antlers) and if you branch out and try for other game. Hogs?
My 7mm-08 does like to kick even though I've put a muzzle brake on it. Not finished with that yet. The compact will add some more kick because of the lighter weight overall. Trade off for the ease of carrying it through the woods. I am shooting a 150 gr Barnes TTSX reload.
I will be putting it to the test with a hog hunt in FL.