I'm sure you know the older Mausers were designed for lower chamber pressures than newer guns in 7X57. The rifling twist rate was, as you stated, made for 175 grain bullets. Increasing the bullet weight has two undesirable effects. In order to make a heavier bullet shoot safely, the velocity would be so low, due to increased chamber pressure, that it would not spin fast enough to stabilize. You would end up with an inaccurate, slow bullet.
On the other hand, your Mauser will shoot lighter bullets just fine. My old Mauser shoots decent groups with Speer 160 gr Boat Tails and 47 gr of IMR 4831. It also likes the Speer 145 gr Boat tails with 49 gr of IMR 4831.