I had a M340, and it shot well.
However, not all spitzer bullets will give good results in it. For one, the rifling twist is 1/12". Anything heavier than a 165gr Spitzer boat-tail won't give acceptable results. Even if accuracy is OK, the bullets being designed for much higher velocities, won't give nominal expansion. One exception is the Hornady 160gr FTX.
Secondly, most spitzer 150's might not perform acceptably.
However, the various 130's and lighter will perform well. I've had really good luck with the Speer 130gr HP and the Sierra and Nosler 125gr Soft points and Ballistic Tip, especially the Nosler 125 Ballistic Tip.
Also, the M340 action is really no stronger than the Marlin and Winchester leveractions. It's got a single rear locking lug and the action is rather "springy". Accurate with suitable ".30/30 standard pressure loads" however..
My first recommendation is Reloader 15. It gets the best pressure/velocity relationship of any powder I've used in the .30/30 (aka .30wcf.). I like the Alliant max. load of 36.0gr of RL15 under the Remington 150gr Corlokt. It gives 2,400fps from my 20" bbl.
I like the 36.0gr of RL15 also with the Sierra 125gr FN-HP. It gives 2,550fps and sub-moa groups. With the Speer 130gr FN and HP, I use 37.0gr for ~2,600fps. (the sierra fn-hp seats deeply and has a long bearing surface, neccessitating the lighter powder charge). You can probably use the 37.0gr load for the 125gr Sierra PtSpt as well, though I haven't personally tried it.
For the excellent 170gr Remington Corlokt, I use 34.0gr of RL15 for 2,300fps from my 20" bbl. This has always given complete penetration on white-tails, and is bang-flop if shot placement is adequate.
I had a Remington M788 back in the early '70's that would take heavier powder charges. However, the brass wouldn't hold up,so either way, I recommend sticking with the listed book maximums for the .30/30. Any load listed for the T/C Contenders will work well, but at longer lengths, may not feed through the magazine of the Savage, and would need to be single seated. Otherwise, seat to the max oal permitted by the magazine length. Crimp only if using a bullet with a cannulure and seated to crimp into the cannulure.
Also, size enough to give easy chambering. Approach max charges with bullets seated to engage the rifling carefully, as the action is not really that strong or rigid, meaning that cases can stretch considerably if charges are on the warm side. However, within the practical range of the .30/30, even with spitzer bullets, HOT loads aren't going to give any practical advantage/improvement. If you need a "Magnum", get a magnum rifle/cartridge. They're cheaper than a trip to the hospital.........
Other powders that have given best results are Win748/BLC2, H322, H4895, IMR3031, and IMR4320 (With the 130gr Speer HP, would give 1-hole 5-shot groups with lightly compressed load from my Rem M788, and long case life).
However, most any powder from IMR4198 to IMR4320 in burn speed will give good results. Even Unique is my favorite with cast bullets.............
So, you can spend a lifetime playing with component combinations and never run out of new ones to try with a Bolt action .30/30.
Good luck; however, you won't need it. It won't take long to find a good one with your Savage........ Most will shoot moa-3 shots with a decent combination. Just don't try to "magnimize" it, and you'll be ok.......
