I know there's purists here who will disagree, but if it's 150 grain, I will use it. And why not a 150g fail-safe?
Yes, I have seen the pictures of blown-up M1 barrels. But you know, I'd rather trust factory loads than handloads. I do stay absolutely away from "light magnum" or "hi-po" commercial ammo.
I know there's a kit you can get that adjusts the volume of the gas chamber by changing the set screw that's threaded into the gas plug, but I don't have one. To me that's not the issue. The issue is chamber pressure. Varying the gas chamber size just protects the op-rod and maybe reduces the impact of the bolt on the back of the receiver. It doesn't reduce chamber pressure.
Most regular commercial ammo is designed to be safe in lots (all?) old guns. They've been making 30-06 barrels since 1906. I think the steel used by the military was up to standard. I think there are other 30-06's out there that would be much more cause for concern than the M1.
The one real caution I would apply to this argument would be fatique. A very old, very used M1 barrel may be fatiqued if it was marginal to start with. Generally if a barrel is that far gone it's not a shooter anymore anyway.
PS, I just last week put a 150g Sierra boattail (Federal) through the boiler room of a Bambi at just over 300 yards with my 1942 M1. (Rebarrelled in '52). One of my better shots.