Wolf 154g SP in a Siminov or Kalishnikov will do fine on deer. Several have been introduced to my freezer by just such a method.
I have handloaded some Hornady SPs (.310"dia.) in 7.62x39 which did about the same as Wolf. Good performance on deer.
I have loaded .308" diameter Nosler Ballastic Tips in 308win which have done FANTASTIC on deer.
I do like Nosler BTs.
If Nosler offers .310" diameter bullets I'd consider them to be an excellent prospect for a SKS or AK hunting load. The .308" bullets loaded in 762x39 for SKS/AKS usually are NOT very accurate. The same loads can be very accurate in the ole' Ruger Mini 30s that have the 308 type barrel diameter.
I would not use the HP round on game as its not really much of an expander in flesh. I don't know how they market it but it seems to me like a Sierra 168 HPBT hollow point, which is for ballastic coefficent or external ballastic performance and not internal (terminal) ballastic performance. In other words, it's designed primarily to go smoothly through the air as opposed to being designed for expanding upon impact. It may indeed expand somewhat, but I would not consider a Sierra 168g HPBT nor a Wolf 123g HP to be the best, ethical choice on game.
I'm sure several guys will say they've taken game with the Wolf HP. Shot placement is probably often more important than bullet selection. But, I will always choose to use a bullet that is designed for the purpose at hand.
I love to bowhunt and I've lost a few over the years, so whether gun or bow hunting, I try to do everything I can do not lose them. A large exit wound means supper on the plate.
FWIW