As Kurz says, the model is important, although for this sort of target shooting high pressures aren't necessary or even desirable. Another factor is the rifle's origin and its sights. Many of the later South American models based on the Mauser '98 action and fitted with tangent rearsights had their ammunition upgraded later in life to a 139gn FMJ at around 2,900 fps (in 29.3-inch barrel long rifles). Rearsight bases were reground much flatter as the new ammunition had a very much flatter trajectory than the original 173gn bullet round. Use with a heavy bullet at low velocities sees sights having to be set very high even for 300 yards shooting.
Conversely, most M1895 rifles with a leaf rearsight remained sighted for the original service 7X57 Mauser round, and also have a minimum sight setting of 400 metres (the battle sight notch with the leaf folded down, the lowest setting on the slider with the leaf raised being 500 metres). They are regulated for the original loading of a 173gn FMJRN at a mere 2,300 fps MV (in a 29.3-inch barrel). Use of lighter bullets and/or higher velocities sees them shoot very high at the lowest sight setting. Moreover, the battle sight notch which was shallow to start with is often worn down / damaged on these rifles being exposed to any abuse going in the normal (sight-leaf down) position. It is often desirable to be able to shoot with the leaf raised giving a deeper V notch and much improved sight picture. So ammunition with similar characteristics to the original Spanish M1893 load is preferred.
All of these rifles, irrespective of age / model come with huge amounts of freebore and therefore don't always shoot light bullets well making 150gn the preferred minimum weight, bullets seated as shallow as possible, and/or with nice rounded tangent ogives that accept lots of jump happily. With two Chilean long rifles, a DWM made M1895, and a Steyr made M1912 with sights set-ups as described above, I've come to the conclusion a 150gn match bullet at 2,700 fps plus MVs is probably the best compromise of ballistics that suit the modified sights on the later '98 based model with its modified tangent sight and I've yet to find anything that outshoots the 175gn Hornady RNSP deer bullet in handloads at 2,350 fps or so in the earlier model. My '95 actually likes PPU factory FMJ a lot - difficult to improve on it with handloads. It chronographs out at a shade over 2,300 fps too from the 29-inch barrels so the '95's sights are pretty well spot on.
IME 7x57 is a very easy cartridge to handload, at least at these modest performance levels and there are lots of combinations that work well. Given powder prices and availability in the UK, I prefer Viht grades if possible and use N150 for 150s and N160 for the heavier bullets.