Since everything is 110 gain - how do you think the M1 would have made out with a 130 or 140 grain round - better or worse ?
Assuming the pressures are not increased, increasing the bullet weight of the .30carbine drastically such as that would only serve to dull some of its edge in velocity (thus trajectory and energy) over handgun. It may offer even greater penetration, but is it worth the cost?
Perhaps a redesigned bullet (even if slightly increased to the 115gr range) might yield better results. For example, a semi-spitzer style with boat tail might help with both the penetration issues and downrange ballistics, as it would retain more of its velocity downrange, thought the improvement may only be slight as the sectional density remains roughly the same. The only real concern would be feed reliability. If feed reliability is not a problem, this might be a plausible option.
However, in FMJ, a design like that would likely deliver less energy to the target as opposed to the traditional flat base round nose... unless
designed to immediately tumble in a soft medium (hollow cavity under nose, et al).
However, after going through that kind of overhaul, it might just be simpler to adopt a 7.62x39 and something on that platform.
That would be my take.
A .30carbine should just be accepted for what it is, a handy little carbine chambered for a handy little cartridge.
Having said that, would truly love to see someone offer a 110-115gr pointed ballistic tip for the .30carbine for small game/home defense. It would be the bane of all coyote.