My dad shot a 742 in .30-'06. The load he settled on was a 165 gr. Sierra GameKing HPBT over a middlin' dose of 4064. His rifle was sub 1.5 MOA consistantly with that load. I use esentially the same load (slightly longer overall length) in my Ruger No.1-B with a tad better results -groups running .750" to .980" last time I shot it a couple of weeks ago.
My dad got his rifle in 1969. He started loading for it in 1973. From 1973 to 1985, he shot about 200 rounds through it a year before hunting season. The rifle has somewhere between 2 to 3 thousand rounds through it. The last time I shot it, which was about 6 years ago, groups ranged from a smallest of around 3/4" to a largest of around 1.5" on a very gusty day. He's never had any problems with it and it has been 100% reliable in his use. He used standard RCBS dies and didn't have any feeding or extraction problems. I wouldn't do this, but in later years, he switched to Lee collet sizing dies and the ammo he loaded with that die set worked fine in his rifle, too. I wouldn't resort to small base dies unless standard full-length dies weren't getting the job done sufficiently for a given rifle's chamber.
My dad's brother had an older 742 in .308 that thought it was a target rifle. He used regular RCBS dies to make his loads. He used R-P cases, the 150 grain Sierra flat-base bullet, and also used a mid-level charge of 4064. He never had any feeding or extraction problems with his rifle, either, and it was shockingly accurate with that load.
JP