You under estimate the .357 by a few hundred ft lbs. But, at 100 yards, my load is making about 700 ft lbs as calculated by a ballistics program using a conservatively estimated BC for the bullet, still kills quite dead at that range. Think about that, my hottest load in my Ruger 6.5" blackhawk makes 785 ft lbs muzzle energy and I've killed hogs quite dead at 60 yards with it. The rifle is making nearly as much energy at 100 yards as the handgun at the muzzle. It's got a big, flat 165 grain lead bullet that fully penetrates and cuts a nice round hole while giving about 3" diameter of visual tissue damage. That's based on the one I shot at 80 yards. The wound channel impressed me. It was a lung shot, heart was not touched.
An advantage of the .357 is the fact that you can use those heavy, flat pointed Keith style SWCs or if you just HAVE to have a hollowpoint, load a 180 XTP in front of an appropriate amount of Li'l Gun, haven't worked that load up as I like my cast bullets in the caliber.
I would NOT use a 125 grain JHP on deer. I'd worry about enough penetration. I don't even use 125s for self defense in revolvers, hard on the gun and generally not as accurate as a Speer 140 JHP, or at least I've yet to find the 125 grain bullet that can match a Speer 140JHP's accuracy. If 125 grain stuff stopped production, wouldn't break my heart.
For hunting, the M1 Carbine round simply is NOT appropriate for deer sized game.
http://www.buffalobore.com/index.php?l=product_detail&p=100
5. 18.5 inch Marlin 1894
a. Item 19A/20-180gr. Hard Cast = 1851 fps
b. Item 19B/20-170gr. JHC = 1860 fps
c. Item 19C/20-158gr. Jacketed Hollow Point = 2153 fps---- Can you believe this?!!!
d. Item 19D/20-125gr. Jacketed Hollow Point = 2298 fps---- Or this?!!!
Note, energy of load C 158 grain JHP is 1626 ft lbs. My handload using a 165 grain bullet at 1850 is 1253 ft lbs.