All things being equal, and they seldom are, the harder the recoil, the higher the bullet will hit relative to the original line of the bore. So it stands to reason that the heaver bullets, which generate more recoil, will hit higher if the gun is sighted for a lighter, less recoil generating round. My 500 sighted to hit point of aim at 50 yards with a 350 grain bullet will hit about 4 inches high with a 400 grain bullet and about 6 inches low with a 300 grain bullet. YMMV of course so the only way to know for sure is to try different loads in your gun. Variables like grip, eyesight, shooting technique will have an impact on your results.
Your question about the 700 grain bullet has a two part answer. There are mathematical formulas which will tell you exactly how many foot pounds of recoil energy a specific load will generate in a specific gun. FELT recoil is a different matter altogether and is very subjective from shooter to shooter. One shooter can shoot those 700 grain bullets all day and think they're not so bad. Another shooter will flinch with a 22 long rifle. Again, YMMV and the only way to know how those 700 grain bullets are going to feel to you is to shoot some.