Have I used the Carbine to hunt with yes, and I have killed deer with it. I have also used my Ruger Blackhawk in 30 Carbine on feral hogs, which when in the up close and personal ranges of 5-15yds worked, but there are better calibers for hogs.
That said for deer with the rifle I also kept the ranges within 50'ish yards.
I actually shot my first deer at age 6 with one and killed it dead. My mother also used the same rifle when she was hunting back in the early 60's and killed quite a few deer as well as a few turkeys.
I am surely not going to tell you they will blow a deer off it's feet, but they will kill a deer using a proper expanding bullets like the Sierra 110gr RNSP or the Speer 110gr SJHP when put in the proper place. The Speer bullet is a bit tricky when it comes to feeding in some Carbines. It has a pretty wide nose which hs IME shown to hangup upon feeding form a magazine into the chamber. To get around this yet still preserve the expanding properties of the HP I used a seater stem which was more for a RN than the flatter wider HP. This in effect gives the HP a much rounder profile which feeds better, as well as hold the expansion back just a touch due to closing up the cavity some.
For shots within around 50yds I wouldn't have an issues using one that could keep the bullets in a 2-3" group. It to me is no different than using a 357 magnum with proper shot placement.
I know it isn't recommended to use cast in the M1, but plenty of folks do. In doing so you can easily get the bullet weights up a touch into the 120 and 130gr range. Using a flat pointed gas checked bullet of decent alloy you could easily get a bit more capability from penetration with this particular caliber. However even with these heavier bullets I would still not use it out past 50yds.
All of the rounds through our Carbines have been hand loaded using 2400, 296, or AA-9 powders. These loads were tailored to each carbine as well as to the revolver for the best velocity and accuracy. In each case this may or may not have been the top end loads so you should work yours up accordingly.
Mike / TX