With those 1916 Small Ring conversions, I recall that the original cartridge was not loaded to 7.62 NATO specs, but to CETME specs. Picture a reduced load in a 7.62 NATO case. Some of these conversions had the reputation for mild to catastrophic "blow ups" with NATO and 308 Win ammo. Seems the original conversion was to take the 7MM barrel, sweat a 7X57 shaped "sleeve" or chamber adapter in the chamber and then bore and (cut) rifle the whole thing to 30 cal. A 7.62 CETME chamber was then cut in the sleeve, leaving what was left of the 7X57 shaped "liner" in front of the 7.62 chamber. That would be OK with lighter loads except that apparently some of the chamber plugs had pretty poor jobs of sweating in place. There were voids which were now right in the throat and leade of the shorter 7.62 Cetme chamber, right were pressure and gas were at their max. levels. Gas would get in that void, especially from a load it was never meant to handle, and nasty stuff happened. I recall seeing some pics of receiver rings blown off, etc. Someone sectioned a couple of these and had real good pics - it's been probably 10 years or so back, when these were pretty cheap and popular. I wouldn't really worry about the .308/.311 bore issue - the leade on the 7.62X39 chamber is meant to compensate. I believe if I wanted one of these in 7.62X39, I'd either buy the barrel/kit (Numrich still have them?) or start with a blank from Green Mountain or someone like that. If using an action from a .30 cal. small ring converson, I'd look for lug setback in the action before putting any money in it. That is best done by pulling the barrel. If a fired round is hard to extract the first 1/4", that's likely the problem. If I had one of those large ring 7.62's (FR-7 or FR-8, don't recall), I'd load it down and have the best of both worlds. I did some bedding, trigger and sight work on a friends probably 15 or more years back when they were available. That barrel shot
extremely well with cast and jacketed loads. I wanted it for Cast Bullet postal matches but he wouldn't part with it, the dog
Enjoy and be careful with those things.