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or can a .308 round be loaded into the 54 cartridge
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a .308 bullet can be loaded into a 7.62x54 case. the 7.62x54r usualy has a bore bigger than .308 but there are many examples of mosin nagents that are .308 as well as guy reporting some PSL,s being close to .308. you would likely require a smaller expander ball on your dies but that is no big deal. If you do go with a .308 bore you would want to avoid hot loads with the .311 bullets at there can be a pressure increase.
its about the same thing as what and others do when they load .308 bullets in 7.62x39 cases. I have a 308x39 build and it shoots very well. Its very likely that the old US made 7.62x54R ammo was loaded with .308 projectiles. There were 7.62x54r Mosin Nagents made in the US and there was ammo made here as well. a 308 bullet in a .311 bore useualy gives up some accuracy.
If you plan on hand loading then going with the .308 bore barrel is a no brainer. if your only going to shoot surplus or factory then get a .311 barrel
if accuracy is your main goal then Id be looking at .308
you can keep the gun loooking pretty stock with a heavy barrel just use the krebs block and mill off the sight part and cut of the bottom of a RSB and weld on a oversize sleave. just keep the OD small enough to be able to open up the wood hand guards. even if you didnt float any thing the accuracy would improve as the haeaver barrel will not move around as much as it heats up. A medium profle that is workable with that GB would be pretty doable. now if you going full bull barrel then plan on ditching the factory stuff or making some custom oversize stuff.
I have several heavy barrel AK variant builds they shot very well.