I am a fan of the '06, the '308W, the 7.65 Argentine and the 8x57. If the gentleman prefers the 7.54 Argentine then the M48 would be an excellent action for it. I would not have any qualms about hunting antelope, deer, pigs, black bear or elk with my 7,65 Argentine. I load 150 and 180 gr bullets to equal .308W velocities at slightly lower psi (yes I messure the psi with an Oehler M43) given equal barrel lengths. For example; in my M91 with 23 3/4" barrel I push the 150 gr Hornady at 2800 fps at 54,000 psi(M43) with sub mos accuracy. In my M1908 (M98 action) with 24" barrel I push the Sierra and Remington 180s at 2520 fps at the same 54,000 psi(M43).
However, as mentioned, the 8x57 is also an excellent hunting cartridge and if the M48 barrel is still in ecellent condition it should also be and excellent rifle for antelope, deer, elk, pigs and even bear.
Larry Gibson