Both the 150 and 180 grain SP bullets will be effective on deer.
As to range, when it comes to deer I don't take long shots. Under 200 yards is my rule, and the 7.62x54r has the power to knock-down deer out to 4-500 yards, if you can do the shot.
My deer were taken at ranges from 40 to 140 yards. Two lung shots and one heart shot. Even on the 140 yard kill (the heart shot), I had a hard time finding the exit wound, but the heart was a mass of clot and hamburger, so the bullet did its job.
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