I killed my first two deer with a 527 in x39, at around 80m with PPU PSP cartridges. It's enough for deer. The drawback is going to be bullet drop past short ranges. Familiarize yourself with some ballistic data for the cartridge and see if it's flat enough at the ranges you want to shoot. If it is, knock yourself out and enjoy the relatively cheap ammo!
I'm saving up for a Howa in 6 ARC; I think it will be, for me, the ultimate deer rifle.
Cheers