Welcome to the insanity, Chris !
Some things to think on/try:
* Shots 7" high @ 50 yards will be at least twice as high @ 100yds - so think about what the ranges may be where you're hunting.
UM..., not necessarily, ..., sorry have to disagree. That only applies with some loads.
IF the previous owner set the rifle up to use a light load, like for targets only..., then that trajectory would not double by the time it made it to the 100 yard mark. In fact it may have been sighted with a very light load to exactly hit the 100 yard mark.
Increasing the powder, IF it did anything at 50 yards it would raise the point of impact, as it would reduce the flight time from you to the target and thus reduce the amount of time that gravity had to pull downwards on the bullet.
Assuming you have a good group, and that your load is sufficient to hunt large game IF you are going to go hunting..., check local laws to see if there is a minimum load..., so assuming those two things...,
The EASIEST and least expensive way is to (as previously suggested) get a tall front sight post. I'd suggest the tallest, thin silver front sight post.
After you swap it out..., you put some masking tape on the barrel just before the sight, and just after it up to the muzzle. This will protect your barrel as you file.
You take a moderate flat file with you to the range. Shoot a test group, and then slowly file off the font sight in teeny tiny amounts, elevating the POI until it's where you want it at 50 yards. THEN try it at 70 or 100, and see if you want it at those distances to be higher. Continue to file, BUT remember that as you do the POI at 50 will be increasing too. When done at your max range, test it at 50 or at the half-way point.
As for loads before you do the sights... I was taught many methods, but one that works fine is you take the caliber and round to the nearest ten..... if the caliber ends in a five, you round up. So you would use 45 grains AH but rounded up by 5 would be 50 grains to start. Then go up by 10 and try 60 and perhaps another 10 and try 70 grains. I'd use 3Fg but you can use 2Fg if you wish. Somewhere between 50-70 grains you are likely to find a very accurate load. Then double check it if you wish by subtracting 5 grains for one test group, and adding five grains for another. IF you don't see an obvious improvement, stick with the load you have found.
Then adjust the sights.
LD