7.5X55mm case capacity falls between those of .308 Win and .30-06 Springfield, actually closer to .30-06. Although nominally 7.5mm (0.307" groove dia.), it's a 308 in all but name, at worst a marginally tight-bore one.
Anything that works in 308 and .30-06 works well here too. Since the original bullet was a 174gn FMJBT, 175gn match bullets like the Sierra MK, 178gn A-Max, 175gn Berger LRBT are all good choices as are the 168gn HPBT match models. You can use any 308 cal bullet you fancy of course, but the further you move from the original weight and MV, the more likely the sight settings won't correspond.
Any powder that works well in 308W/.30-06 will also do so in the 7.5, so you've got a huge choice with 168-175s. They're usually pretty long-throated - or that may be wear and tear in surplus rifles - but don't worry about that with the likes of the 168gn or 175gn SMK. Load to standard COAL and look for what works. There's lots of data around as most powder / bullet manufacturers cover the cartridge, but little if any for recently introduced powders.
FL size the brass unless you use very light loads. My 1911 and K31 had rather slack chambers at the rear end. If you go a bit warm on your loads, but almost certainly still within CIP MAP limits, you'll likely find they're devils to resize even when really well lubricated needing a lot of press handle effort. I got 100 Norma 180gn PSP factory cartridges with a long IG11 years back and could hardly resize the brass after firing some, so ended up pulling the remainder and dropping loads by ~10-15%, I can't remember what exactly.
I used mild loads of Viht N140, N150, even N160 with good results with 168-180gn bullets years back. Viht now lists loads for the GP31 for its three .308" Scenar match bullets - 155, 167 and 185gn with loads data for N140 and N150 giving similar MVs and N540 running a bit faster for the 155 but no different for 185. If loading the cartridge again today, I'd likely start with Viht N150. Viht's max N150 loads are 49.7gn, 47.5gn, 45.2gn for the 155, 167, and 185 respectively. In north American powders, I'd most likely have a go with H4350, although Hodgdon's data gives higher MVs with H4831. IMR-4007SSC would likely work well from my experience with it in 7.62X54R, but Hodgdon doesn't give any data for that one. Going a bit faster burning, I'm sure VarGet / Re15 and similar will work well too.