The 7mm RM is loaded quite a bit tamer than in the past. For example Jack O'Connor in "The Rifle Book" (1964) notes the following performance for factory 7mm RM ammo:
175gr @ 3020fps
150gr @ 3260fps
He says, "When I chronographed a factory Model 700, I found the velocity to be just about what the factory claimed".
New loads for the 7mm RM are quite anemic:
for example Federal
175gr 2750 - 2860 fps
150gr 3025 - 3110 fps
Winchester
175gr - 2860 fps
150gr - 3090 fps
Interestingly the velocity listed by O'Connor for the 7mm Wby Mag is:
175gr - 3050 fps
154gr - 3260 fps
Today's Weatherby loads? Take a look:
175gr - 3070 fps
154gr - 3260 fps
Even Hornady's Superformance ammunition doesn't make up for the reduction of 7mm RM loads:
154gr - 3100 fps
162gr - 3030 fps
On the other hand, the .270 has also been mildly neutered since O'Connor's days as he lists the muzzle velocity with the 130gr at 3140 fps while most loads today are listed a 3060 fps. However, Hornady's Superformance does make a difference here:
130gr - 3200 fps
140gr - 3090 fps
Given that info and the fact that you do not reload, I'd go with the .270 Winchester. All things being equal it will have less recoil than the 7mm RM but will kill deer and elk just as dead.
I should point out that I have owned 3 .270 Winchesters and 2 7mm Rem Mags - and only the 7mm RM remains in my safe. But I reload so the mild factory ammo doesn't matter to me.
