Daryl:
I also have an Obendorf 96-Mauser (M38 actually) made on an 1899 action. Beautiful workmanship compared with the Swedish Huskies and Gustavs. I am rather conservative with my loads however, being quite content with mild military ballistics to match the dial-sight.

I load 43 grains of ADI AR2209 beneath a 140gr Spitzer for around 2500 fps in the M38. PMC factory loads only do 2450 fps in this rifle. It is used solely for military rifle competition, so no need to juice it up and risk shooting over.

If loading for a sporter, it is possible to improve the 'factory' ballistics quite a bit. The standard Norma factory-load in the good ol' days was 51.2 grains of N-205 under the 139-grain bullet for a whopping 2946 fps! Ya-hoooo!
(at only 49,630 psi, BTW)

With that kind of ballistic potential, and the abundance of dirt cheap ex-mil rifles and carbines on offer, this is probably the most vastly under-rated cartridge/rifle in history!