I am sure it would do fine for punching holes in paper but a little expensive for my tastes to waste on paper targets. It would make a fine deer hunting projectile provided you place it in the proper spot. If the rifle shoots them best with 100 grains then leave them at 100 grains. Accuracy is most important even when it is compared to relative energy of the projectile. That is why you see so few recommendations for magnum loads. Sure the projectile has a little more speed and enery but it does you no good if you can't place your shot. As for reducing the charge, that is not always a bad idea. Just don't get the thing too low if you're using it for hunting. Go for the best groups and then practice at what distances you might encounter...

Good luck with your rifle and projectile.