WARNING: The following is preliminary data gathered from information available on the net. While I believe it to be relatively accurate, do not base your reloading on the following information. Use published data from the powder manufacturers.
Yeah exceeding the 7.0 grain limit would put about 46,8000+ PSI in the barrel of your weapon. Considering that due to powder discrepancies and the way that pressures are measured, this figure is +/- 2000 PSi for an effective PSI of up to 48,800 PSI which is near to in excess of the testing parameters of these pistol/rifle barrels.
Seating depth plays a MINOR role in the amount of pressure generated. I was surprised by the analysis of the information but seating a bullet deeper by .01 in will increase the pressure about 60 to 80 psi per .01 in increase, .001 is about 8 to 12 psi more, where .1 in is about 800 to 1200 psi more, depending on the initial seating depth.
It is my understanding that you want to keep your COL as close to the 1.159 in mark as possible to keep the bullet as near to the rifling as possible for stability. Using the lighter bullets (<40g) it is difficult to do that due to the amount of seating available due to the length of the bullet.
What we need is a 30g bullet that has a length of about .6 to .8 in to overcome this problem.
The post after yours addresses the concern on the lighter bullets. After looking at the 35 gr V-max in the published loading data, I was wondering if a substitution for the sierra 40 gr bullets was possible. I can get the V-max cheaper, and it would make a better varmint round that I could load to match the factory ammo. In general I am not interested in hot ammo. I would prefer stuff on the lower end of the ranges for practice. Given that they seem to match the factory ammo ballistics, all the better.