Yes, I am sure. Well at least with 38.3gr of IMR4895 and 39.0gr of Varget, that is. Those are the two charges I'm using for highpower silhouette, so certainly aren't top-end loads either... You're definitely right on about the felt recoil being less, and when shooting 100rds offhand, I want them to be soft
For these two loads, when using the same primers (CCI 200), powder charge and bullet weights, I get faster velocities with 7-08 than with .308 at Colorado elevations.
In addition to what Ray pointed out about "bearing surface" (unknown to me), a couple other variables that I can think of that differ besides elevation that could matter are the rifle's barrel length, twist rate, brass (case capacity), difference in my RCBS (7-08) and Hornady Dies (.308) if they're set to impart any crimp or not... Reloading can be a really fun experiment, can't it?!
All of that aside, interestingly my two reloading manuals echo my experiences, contradictory to what your manual is showing, but I do stick with the lighter side (130-168gr) bullets and less than full capacity charges so the top end could totally change things also.
For example in Hornady's 9th Edition:
7-08:
154gr - IMR4064 with 38.9gr produces 2600fps &
154gr - Varget with 39gr produces 2600fps
.308:
150-155gr -IMR4064 with the same 38.9gr would be less than 2500fps (roughly 2480fps) &
150-155gr - Varget with 39gr would be ~2450fps.
Nosler's Reloading Guide 8 isn't very far off from the Hornady figures either, but offers a few different powder examples.
In any case, I've really grown to like the 7-08 the last 5 years and think it's a very good compromise for "flatter than a .308" without going all the way down to a 6.5creedmoor.