So when you choose a car for going fast on the highway, do you take a F250 truck (30 cal) or the Corvette ?
Sorry, diameter is not representative
If you want to shoot a 110gr bullet fast, then shoot it out a 6 or 6.5mm barrel.
If you try to shoot the same weight bullet out a 7.62 barrel, you just increased the drag through the cross sectional area and then still more because the bullet is so squat shaped (to keep the weight down) as opposed to a 110VLD.
You can do what you like, but ballistically it will be a poorly performing combo.
As you go up in bore size, the bullet weight and amount of powder needed to try to mimic the same trajectory go up drastically. Basically, you need to be in magnum territory shooting 165gr+ weight bullets to be effective. Cost increases drastically for everything (brass bullets powder).
Now my initial plan was to shoot an 8x57 (I actually had a custom match barrel on order for 14 weeks which never saw the light of day) and I was going to shoot Yugo M75 sniper ammo with 196gr boat tail bullets.
Even at 60c/round it was not going to bankrupt me. Then Newtown happened, then the barrel just never showed up, finally I swapped the gun for a Savage 308 and started over.