The #7 SHOULD work but I haven't pulled any to be sure. The collet starts out much bigger and is squeezed down, so it should work on bigger bullets. I know the 9mm (.355) collet works just fine on Makarov bullets (.364). Hope this helps.
I've used it on a few surplus x54 cartridges. No problems for me. It should grab on the ogive of the bullet anyways so the .003" extra diameter of the shank won't matter.
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