I've used both the Federal GMM2 (175gr. SMK) cartridge and the Black Hills 175SMK. My log book shows the Federal going out at 2654MV over my Oehler 35P. The Black Hills was 14 fps slower.
The current 'hot setup' for the .308 handload is with the 175gr. SMK, use 44.2gr. Varget, W-W brass, and WLR primer, 2.800"OAL. It chronos @ 2685MV, same barrel, same day. These readings were taken at 5000ft elev., 78*F, humidity 38%, baro 24.5"-steady. You can play with the load to compensate for your conditions. This load duplicates the M118LR military Sniper load - but not the M118 or M118SB ammo, which used a different 173gr. bullet. The M118LR uses the 175SMK.
I can tell you that these loads will track as well as humanly possible on the M3LR using the .30-'06 dial, but the increments will read in yards, not as in meters as the dial is marked. Black magic marker can fix that.
The reason that I mentioned not doing anything to deface an M3LR .30-'06 elevation dial is simple, once you understand that Leupold is no longer shipping this dial with the scope. As a matter of fact, they're only including three dials in the current shipment. So go ahead and do anything that you wish with it, it's yours after all, but keep in mind that you may not be able to get another one in the future! And Kenton ain't cheap!!
Now for your adjustment problem. I take it that you have your scope mounted on a 20MOA tapered base but can't set zero, POA to POI @ 100yds?
Leupold sells you a scope but neglects to instruct you how to set it up. I don't know WTF their problem is with that. They always forget to mention that on initial setup you must remove the elevation dial and adjust the knob underneath it to a 100yd. POA-POI, then reinstall your elevation dial with '1' (for 100yds.) at the zero reference dot located on the scope turret housing. There is a built in stop in the dial that automatically does not allow you to turn it below the '1' mark after installed properly. That is what is giving you trouble now.
HTH