OK OP I'll just answer your question.
IMR3031 will work OK in your rifle with 123 grain bullets. I use it in my SKS for the same reason you want to. I have a lot of IMR3031 on hand from a bulk buy many moons back.
As mentioned, your biggest issue will be getting enough powder to fit into the case so you need a lot of neck tension to hold the bullet down on a compressed charge. I also use magnum primers. My velocities run between 2250 fps and 2300 fps but feed reliably and are well within the normal accuracy parameters of the rifle.
The loads I use are 24 to 26 grains of IMR3031 over CCI 250 magnum primers, under pulled 123 grn fmj, surplus projectiles or Speer 125 grn soft points.
This load is safe in my SKS and in all honesty, on the mild side. It's pleasant to shoot though and doesn't throw the brass so far away, making it easier to police.