Make sure your friend knows that with its single locking lug, the Krag action is not to be hot-rodded. Also, most Krag barrel bores are oversized to some degree. He may want to slug it and if it's too much oversized, the best bullet may be hard cast, sized for his bore for best accuracy.
I have not tried any bullet lighter than 180. My Krag did not turn in the best accuracy with the 180 grain sp. With jacketed bullets mine likes the 220 gr round nose best so far at about 1950 fps. My bore slugged .310 or .311 (can't remember off hand) but I have not tried cast bullets yet. I may try some bullets for .303 british ......or not, I have too many projects as it is.
Curtis