There are at least two factors which must be determined before deciding on a caliber. One is how large the action is: something which will accomodate a .30-30 size cartridge might not have enough chamber wall thickness to accept anything larger or generating more pressure.

Also, how much will the finished rifle weigh? No need to consider, say, a .30-40 with 220 grain loads, if the rifle is too light to accomodate the recoil. Moreover, a certain amount of weight is needed to stablize a rifle for long range shooting, with, for example a 7X65R, which is a sort of rimmed .280 Remington, or an 8X75R, which is in the .30 Super class.

Give us a bit more information to work with in making a caliber suggestion. The Waters cartridge was designed specifically for actions on the same strength category as the Model 94 Winchester. It makes little sense in a rifle where cartridge case length is not a limiting factor, such as a single shot, assuming that the action is sufficiently strong to accept something more powerful.