Interesting that Ruger chambered the No. 3 in .30-40 (.30 Government) but mine was in .223.
My late father-in-law had an original full-stocked Krag that he had cut the barrel down some, intending to sporterize it but he never did. He lived in a humid area right by the Chesapeake Bay and by the time he died, it was rather rusty.
Volley fire does not necessarily imply long range shooting, of course, however you define "long range." But as the range becomes longer, it would suggest that volley fire would be more for area targets than for point targets, although that could be a mistaken impression. I still haven't found any old manuals that cover the subject. While the older rifles (and some pistols) had sights that went out to rather optimistic ranges, it doesn't follow that the average infantryman was able to make hits firing at individual targets at those long ranges, hence the gradual shift in the last fifty years to less powerful rifle cartridges. You may be aware that some Japanese bolt actions had sights that incorporated "wings" or extensions on the rear sight for use in firing at aircraft.
Shoot low, sheriff. They're riding Shetlands!
Underneath the starry flag, civilize 'em with a Krag,
and return us to our own beloved homes!
Buy War Bonds.