Adam,
the 150's would be a good choice for deer hunting, maybe the 125's that Coinneach suggests for varmints, whatever shoots well in your rifle. Considering that the original round was a 215 grain bullet over blackpowder either of these are plenty lighter/faster. I believe that the 125 grain bullets really were more meant for reloading the 7.62x39R, also .311 diameter. A couple of other cartridges that use the .311 diameter are 7.65x53 Argentine Mauser, and the 7.7 Japanese Arisaka.
Bergie
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