M1 varmint round?
It should be a safe enough load. Let us know if the action cycles ok. That round shouldn't hurt the gun, but it may not have enough oomph to completely cycle eject, and chamber the next round. That bullet is much lighter than the usual M1 fodder which is closer to 150 grains.
If it doesn't cycle, I wouldn't increase the powder, just move to a heavier bullet, like 147 grains and drop the powder down to around 48 grains to start. That will be closer to "normal".