I've used Indian surplus components and turned them into some respectable range rounds. I just finished loading a little over 300 rounds of OFV 97 headstamps, using 4895 and remington 150gr bulk SPs.
You'll definitely want to pull the bullets and dump the powder. I've mostly seen ball powder, but the weights were not consistent. For pulling bullets, I use one of those plastic hammer-looking inertial pullers.
You'll want to polish the cases in a tumbler or whatever. In my case, I let each batch run for around 8 hours, which admittedly is a bit excessive for tumbling, but the brass was nasty, and it made a huge difference. Using fresh media also helps.
If you don't do anything to clean the brass, the tar sealant used on the necks will gum up your resizing die, especially on the neck expander, and you'll have to clean it out often to avoid stuck cases.
The bullets can be reused, they'll just need to be cleaned of the tar sealant and any other crud that's built up on them. You'll want to weigh each bullet, because they tend to vary in weight by a substantial amount. Only use the same-weighted bullets for the same load.
As far as the primers go, I've seen less accuracy with the original Indian primers, compared to loading the same brass with Winchester primers, but for range plinking, it's not a huge deal. They are boxer primed, so you can use the Indian, or swap them out for commercial primers.
The brass is actually pretty decent brass. I'm on my 4th load of the same brass, fired through my CETME, and so far has held up pretty well.