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In his article “Reloading for the M1 Rifle, American Rifleman magazine, March 1986, John R. Clarke recommends:
Using Sierra 168 gr. HPBT match bullet not Nosler
Fed. 210 M primer
Lake City M brass
46.5 gr. IMR 3031 – 2697 fps.
47.5 gr. IMR 4895 – 2676 fps.
48.5 gr. IMR 4064 – 2635 fps.
48.0 gr. H4895 – 2706 fps.
47.5 WW 748 – 2587 fps.
You may have to tailor the load you use to your individual rifle; depending on wear factor in the gas system, etc., you may find that your own rifle likes a charge thats been increased a grain or a half-grain.
I shoot mostly 150-152 gr. bullets in my M-1 Rifles. Part of that has to do with my having a supply of pulled milsurp M-2 bullets, and part of it is because I tend to try to replicate service loads in my milsurp rifles. Many shooters find that they get increased accuracy from heavier bullets, specifically in the 173-180 gr. range. Its probably no accident that the service match bullet is 173 grains Army tech manual says 175.5, but thats close enough.