Ballistically there are really close to the same, and in equal barrel lengths shooting bullets of similar weights, the muzzle velocities will be about the same (give or take a little). The differences amount to the differences in 7mm Bullets & .30 Caliber Bullets. The 7mm Bullets generally have higher ballistic coefficients, therefore travel through the air a little better down range given the same muzzle velocities. However the 7mm Bullets also have higher sectional densities which in turn requires a little more impact velocity to get them to expand. This can be, and is important to the Handgunner due to the lower initial velocities afforded by these cartridges in Contenders.
They are both Wild Cat Cartridges in which no factory ammo or brass is available. There are several steps required in making the .30 Herrett brass, and getting it formed properly for your individual chamber, while the 7mm T/CU simply requires running a .223 Remington case through a Full Length 7mm T/CU sizer die, then loading it to fireform the case to the chamber.
Both are mild to shoot, provide excellent accuracy, and have proven themselves in the game fields. Now, you did not mention what barrel length you are considering. If you are intending on getting a 10" Bull Barrel for the portability, either of these cartridges is probably the best choice in the shorter barrels. If however you are interested in a Super 14" Barrel, then the 7-30 Waters is a WINNER. Brass is available or easily formed, and this cartridge will reach out and provide greater range possibilities then either the 7mm T/CU or the .30 Herrett.
Good luck
Larry