My shortest was 21", in fact chopped 2 700s, both did 2900-2960 w/139s, 120s 3050-3100, and also had a 20" M70 carbine that was a short production, it did 2850 with 120s. Blast was my only beef. 2 sporters, one 700 a Varmint, none with a can.
If you are running a can, blast won't be your issue. Personally if you want a shorty, I'd run a 20-21" bbl if you are not suppressed, for a good handling rifle, good speed, and acceptable blast. That's just my taste. I do not like anything over 23" myself for what I do, and in a 7/08 you can do just fine w/22" or less.
Expect 20-25 fps per inch on average difference, I feel 17-19" is that 'tipping point' you are referring to. My next build will have a 20-21" if that helps you any, and the considerations are 6.5x47, 260, and 7/08, my use as yours, for hunting. IF I could use a suppressor in my state, I might do a little shorter for overall length. I don't think you will be disappointed with a 19-21" if you want something really short and handy in this round.
What bullets do you want to use? I believe heavy bullets show less 'loss' in shorter barrels, but perhaps someone can elaborate.