I roll my own 7.62x54r 125's with reduced loading for plinking and pest control (close up coyotes and badgers, the like) and it works well, at least in my Mosins. It wouldn't be all that bad to use light bullets and turn that PSL into a lightweight subsonic straight-pull bolt action.
Again, what a sweet rifle/can combo! Hunting without all the noise
"Man needs but two things to survive alone in the woods. A blow up female doll and his trusty old AK-47" - Thomas Jefferson 1781
Friggen Awesome. Oh Yeah. I see one of those in my future.