If you have about 15-20 years worth of old American Rifleman mags, you find an article I wrote on the 7.65. Briefly, my gun shot patterns until I switched to .313 diameter bullets. Then, my scoped, sporterzed Argentine Mauser could fire three rounds touching at 100 yards. .312 diameter bullets did quite well also but no as well as the .313s. You're wasting your time with .311 diameter bullets.
Certainly, older reloading manuals have loading data for the 7.65. Incidentally, this action is not as strong as later Mausers and you should stay within published reloading data. Also, the Argentine is not a good platform for conversion to modern calibers.
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