You may find that 168SMKs are very accurate at shorter ranges; they were originally designed for International style 300m competition. They my lose their way at longer ranges. I have observed them keyholing at 800.
When this rifle was set up - and whoever did it knew what he was doing - Gov't issue NATO ball with the 147gr bullet was standard. When this ammunition was no longer issued, better ammunition with superior bullets became standard, and the bullets designed for the Palma match, like the 155SMK were preferred. Rules limited bullet weight. These competitions are shot at 300y/m out to 900m/1000y.
During the period when this rifle was competitive, it was common for serious shooters to have two rifles for the matches. One with front locking lugs like yours for the shorter ranges, and another built up on a No. 4 action for the long ranges. It was the belief that the rear locking Lee Enfield would shoot rounder groups at long range with issue ball than a front locking action. Once NATO ball was no longer supplied, this practice was abandoned, the No. 4s disappeared, and rifles like yours were used at all distances. In time rifles built up on ex-service actions were displaced by rifles made up on dedicated precision target actions.
Anyway, you have yourself a fine vintage target rifle. Assuming a decent bore, it will shoot very well. Do you have assorted inserts for the front sight? Selecting the appropriate insert optimizes the sight picture.
