I don't know why, but I was thinking the M1 used the 7.62x39 cartridge. I was wrong. It uses it's own unique cartridge. The 7.62x39 round is simular to the 30-30 but not quite as good. The 30-30 is a bit faster with a heavier bullet offering more down range energy. The 30 carbine has a lighter slower bullet yet at around 110 grns and 1990 fps (winchester hollow points). Where as the 30-30 has a 170 grn bullet that moves at 2200 fps and a 150 grn offering that goes 2390. The 30-30 has over twice the energy at 100 yards than the 30 carbine has. The 7.62x39 is slightly less than the 30-30.

I spent a few minutes reading some articles on the 30 carbine and from what I can tell it was built to an improvement over the 45 cal pistol and lighter and easier to carry than the 30-06. Sort of like the modern MP-5 would be my guess.

For referance a 158 grn .357 in a carbine has more energy than the 30 carbine. 100+ ft/lbs to be exact.

Will it work, sure it will if you use a hollow point bullet. It's a lot better ballistically than a .410 slug and people kill deer with that. Like said above just try and keep your shots fairly close. The other issue is if it is legal to use where you live. I tried to look it up and couldn't find anything as far as restrictions on centerfires. The only thing I could find is it has to be larger than .23 cal. I would check and make sure first though. Many states and counties have restrictions on semi auto rifles and how many shells they can hold. If it's legal to use you may have to get a magazine that only holds 5 rounds. MI is that way.

Good luck,
Paul