If you're not reloading, use Hornady or Federal ammo that's loaded for M1's. Both companies make 150 grain FMJ's.
When you start reloading(factory ammo gets expensive quickly), use any 150 to 180 grain bullet with IMR4895, H4895, IMR4064 or Varget. The IMR and H 4895's are close but not the same. IMR4064 gives more consistent accuracy than IMR4895.
150, 168 and 175 grain Sierra Matchkings will do for target shooting as well. Match bullets aren't cheap though. Any 165 grain hunting bullet for hunting.
"...think that the War dept load for that rifle was 158 grain..." .30 M2 ammo used a 152grain flat based bullet. .30 AP used a 168.
"...IMR 4895 was apparently developed for..." Nope. Developed for .30 M1 ammo and its 172 grain BT bullet, long before the current M1 Rifle existed. The rifle was designed to use .30 M1 ammo, not .30 M2 ammo. There was no such thing as .30 M2 ammo when the rifle was being designed.
"...the 147-168gr range..." 150's to 180's. A 147 is a 7.62NATO bullet, but they'll do in an M1 using 150 grain data.
Literally millions of rounds of ammo was loaded and fired out of M1 Rifles with no fuss, long before there was such a thing as a Schuster or any other gas plug.