That load should work well.
I have always loaded for mine and used the Sierra 130 gr SSP bullet which was designed to expand at the lower velocities of a Contender barrel.
Unfortunately, that bullet has been discontinued. It has always worked really well on deer for me, I have about 100 loaded so I should be good for a while.
I was told to switch to the Nosler 120 Ballistic Tip when I need more bullets.
I agree, having a 7-30 Waters is the perfect excuse for a basic reloading setup. You might even start with the inexpensive Lee hand press,dies and a set of the Lee powder scoops.
I have reloaded a many 7-30s with the Lee hand press, but that is about the largest rifle case I want to tackle with it. I've also done 308s and such but there is just not enough leverage to comfortably do brass that size and larger.
The 120 grain Nosler bullets (used in the Fed Premiums) are excellent but my favorite is the 139 gr Hornady flat point bullets for deer in my model 94.
I can vouch for the 140s also. The last handloads I made up were with the Hornady 139 gr flat points. Deer dropped right there on the spot with a heart shot. Haven't taken any with the 120s yet, but they shoot very accurate in my 24 " rifle.
Federal ammunition offers two commercially available loads, both of them use 120 gr. bullets. Hornady has introduced a LEVERevolution load also in 120 gr.
I like the caliber but won't buy that stuff. I load 130 gr. just because ... shoots nice.
Re reading the new post made me remember something from a year or two ago.
I have always shot reloads except for the very first two boxes of ammo I bought when I got my Contender.
Sighting in before a season I found out that the ammo that was loaded on reworked 30-30 cases that I had bought had loose bullets. Probably 75% of them. Some were 5-10 years old. All ammo loaded on 7-30 cases were fine.
To avoid any problems till I figured it out I bought 4 boxes of Federal Premium Vital Shok 120gr BTSP. It was accurate, almost as good as my reloads and I had good results on two deer that year. I think I got it at Sportsman's Guide!
I shoot the Federal factory loads in my 14" Contender. They shoot and perform very well on deer from my gun. Do a Google internet search for "7-30 ammo" and you will find plenty of the factory ammo available.