Quoted:
IMR4895 powder behind a 123gr Hornaday bullet. Very accurate, softer recoil, economic and I use the same bullet for my 7.62X39 loads.
I'll second that. I've used this bullet over Varget for a surprisingly accurate load.
Also, the 174 SMK over Varget. Start at about 43 grains and work up to about 45. That has seemed to work extremely well for me. Don't discount the Sierra .311 180 grain Pro Hunter bullet, either. It's a flat base soft point that's worked very well for me in 54r, .303 and 7.7 Arisaka. For a hunting load, that would be my bullet of choice. My main powder of choice is usually Varget, but I've also had success with IMR4895. For the heavier bullets, IMR4831 (slower burning with nice case fill) has worked very well for me, also.
Don't overlook the Lapua 200 grain D166, either. They're expensive, but have always shot extremely well for me, especially in the M39 (match load is over 43.5 grains Varget in Lapua brass seated to the top edge of the crimp groove with a light crimp. Shoots just over .5 MOA at 200 yards for me).
Something else to consider is the huge variance in freebore in these rifles. Be sure to measure it on every rifle. My Lee manual shows a spec length for this caliber of 3.037". However, I have a couple throats that are far shorter than you would imagine, like 2.965" and even shorter (depending on the bullet). So, the short loads work well in them, but the long ones will jam into the lands and can pull bullets out when ejecting live rounds, if not crimped. On the flip side, the really long ones (off the top of my head, I have one that's 3.088") don't seem to be as consistent with the shorter match loads that I run in the tight ones, logically.