Using load info for the .308 Winchester as a reference for the 7.5x55 SR is dubious at best: the Schmidt-Rubin service load GP-11 operates at 42,000 psi, while the .308 routinely operates at 55,000 psi with a maximum of 60K. While the greater case capacity of the 7.5x55 will drop pressures somewhat compared with the .308, the two are still not comparable.
The Hodgden load you quote as maximum for the .308 of 46gr. of Varget is a full two grains over the maximum from Hornaday, the people who make the bullets you are using. Turn this load loose in your Schmidt-Rubin, and I can pretty much guarantee you will be kicking the bolt open with your shoe rather than operating the action normally. While the K-31 action is very strong, the limitation for normal operation is extraction, which ties directly to case expansion due to pressure.
Since you are shooting at 100yds., you don't need maximum velocities anyway; how about starting at 38gr. of Varget with your 168gr. bullet, and work up if you need to a maximum of 42gr.? The gong won't care, and your shoulder will thank you...
Me: four K-31's, and 12 years experience loading for and shooting them.