From memory, there is a "Factory wildcat" called the 9.3 x 54R, which is a "common" hunting cartridge in Finlandicon and Russiaicon. Pretty much like a .35 Whelan in performance. Also used in the "Medved" semi-auto rifle produced in Russia.

There is also a similarly-based 6.5 x 54R that is intended for "medium" / soft-skinned game. This is NOT the same as the Romanian / Dutch service round, which is also generally called the 6.5 x 53R.

Whatever you can do to a .30-06 or .303, .308, or 7.92 x 57 for that matter, you can do to a 7.62 x 54R case. The usual caveats about rifling twist rates, bullet weights, propellant burn-rates and pressures apply. Then there is the cost of all the custom work; stock, trigger optics and mounts, dies, etc.