Tom,
I have had a No.1 in 7X57 for more than 25 years, and still consider it one of my favorites. I have used it to take deer, elk, antelope and a large number of coyotes. It seems to shoot several weights of bullets well, and most to the same POI. For deer I have settled on the 140 gr. Nosler Partition and IMR 4350 for about 2,900 fps. My elk load, which is getting to be my everything load, is a 160 Speer GS and IMR 4350 for 2650 fps. Each of the loads are loaded with the bullets seated out quite a ways; just short of the lands. Mine has a long throat, and I have to assume the same for the newer ones.
Overall, it is a pleasnat rifle to shoot and I have raised my two boys (now, young men) with it for big game. It is plenty for everything short of elk, and will work for them, if you're careful. I can not think of a better combination. Hope you enjoy it as much as I have.
dclark