The .25-35 is a fine, mild chambefing for the M94. With light bullets it can be a good varmint cartridge within the limits of the rifle's sights. The only readily available deer bullet is the Hornady 117 RN, marginal for small deer but usable with good bullet placement. The Remington 86-grain .25-20 bullet works okay, but is pretty soft at top velocities so is not suitable for deer IMO.
My favorite .257" lever bullet is the Speer 75FN. It gives good accuracy and fine varmint performance at it's maximum velocity. Loaded down to ca. 1800 fps it works well on small game. It is too soft for deer at top velocities IMO.
Expect these top velocities at traditional lever action pressures:
75FN = 2700 fps
117RN = 2200 fps
