Yeah, it's all been done.
Okay, some of us are indeed "range brass whores," as one comment put it.
I still pick up buckets full of both military and civilian .223/5.56mm left at the range by Mall Ninjas, Sheriff's department, National Guard. The .223 isn't the best round for necking up - it does have a shorter neck than some handloaders like - but free brass is very sexy to some of us.
7mm TCU is really good in a Contender - OAL isn't an issue since I don't have a magazine or action that cares, so I can seat looooong bullets way out until I touch the leade. And the military brass isn't as forgiving to being expanded as premium civilian brass.
That being said, yeah, I consider the 7mm TCU to be at least a marginal choice for deer - at least compared to those who think the M1 Carbine is a deer cartridge. I't take it over a 25-20 any day. I don't see any reason a 25 cal bullet seated in the 223 case wouldn't work well, particularly with the really good bullets available now. It certainly would be a decent round for taking care of coyote sized varmints, with relatively quiet report, low recoil, efficient powder use. I think the problems are more 'commercial' than anything. What I've seen from wildcatters that have necked up to 6mm and larger all looks good until you get past 7mm, where the neck gets a little iffy.
If I ever get a wild hair to want to rebarrel one of my .223s, I'd be very tempted to have somebody cut me a 7mm TCU barrel. It'll never be a .270, but then, for my purposes, "quiet" is goodness, and the longer barrel should make it quite a bit tamer than my Contender barrel.