Just so you know, Military Match M-118 ammo, has been loaded with FMJ 168 gr. bullets for a long time. Each 20 round box has the Lot # right on the front of it, and the 400 round ammo can has the lot number painted on the side. The ammo has often had the bullet pulled and a 168 Sierra MK seated over the military load. Often referred to a "Mexican Match", it still is not as good as Hornady's or Federal's Match loadings (But on an E-4's pay, you go with Issue ammo every time!)
Ivan
Ivan, I beg your pardon, I am not trying to be a nit picker. M118 was the early military match ammo for the 7.62 NATO, which was manufactured using the 173gr FMJBT M72 bullet that had been used in the manufacture of the 30M1 M72 match ammo. After years of the Sierra 168gr International HPBT being exchanged for the M72 bullet via "Mexican Match", the military developed the M852 7.62 NATO match round using the Sierra 168gr HPBT loaded at 2550 fps.
In reference to the original question, the SMK, Amax, or ELD are too good for your rifle, ONLY if you are not trying to squeeze the most accuracy out of your rifle as possible. It is my understanding that the Hornady Amax is in the process of being replaced by the ELD-M bullet. As a foot note, in speaking with a Hornady tech, not all Amax and ELD-M bullets are intended for magazine use. When I called with questions about the 75gr 0.224 Amax in 223 Remington, they recommend loading to a C.O.L. of 2.360", which is 0.010" longer than magazine length.
In order to get the best accuracy out of your rifle, you have to decide whether you want the accuracy to result from single loading your rifle, or magazine loading your rifle.
If you are looking for magazine feed accuracy, your best bet is to load up 5 shot batches of a variety of charges per bullet, and fire for groups at 100 or 200 yards. That is what I did for across the course matches with my M1A, since I had to maintain the ability to magazine feed my rifle.
If you are looking to develop maximum accuracy via single round loading, you need to measure your rifle's leade with a Stoney Point style C.O.L tool., then load as above and shoot for group. Once you discover a load that gives you the best groups, chronograph the load.
Once you discover the best load for your rifle, note the lot numbers for the powder, bullets, and primers. You may have to "tweak" your loads when component lots change.
Just a suggestion, since you are shooting a gas gun, consider using military match cases, since the web of these cases are heavier constructed to handle the forces exerted by the recoiling extractor.