Best light bullet for paper punching in 7.62x54R

svt-40

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I would like to reload my milsurp ammo with target bullets, but anywhere I look there are softpoint in .311 diameter. I know I can go .308, but still not sure if I want to, as I will be reloading steel cases.
Anyone has experience shooting targets with reloaded milsurp? What bullets can you recommend, that won't make a hole in my modest budget?
If for example, I replaced a steel cored 147grain bullet with 125 grain lead core, would I be Okay with original load of original powder?
 
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