The 742 is one you don't want to push too hard... but it'll do a great job for you if you load for it right.
The factory loads that Remington and others have been putting out for the last few decades tend to run on the hot side. There are LOTS of damaged 742's out there... and parts to repair them are nearly (if not) non-existent.
This link may be of interest for you... Remington 740/742/7400* Semi-Aut
We have a 742 in the family (wife's grandfather's)... and it's still in great shape, though it's not been shot much over the years. We are basically planning to load for it like you would an old M1 Garand (as Kevin mentions)... not for the same reasons, per se, but to keep pressures down, and to lower the stress on the action.
A good 150 grain bullet pushed by IMR 4895 at around 48 grains (tweak that charge up or down a grain for accuracy) should make your 742 a happy camper, and it'll still bring home the deer, no problem.
About 47 grains of 4064 with a 150 grain bullet would be another option worth considering, it's a mild load (Hodgdon's starting load), but should be quite accurate... Winchester or Remington brass, by the way...
I would not use factory loads in the 742... they're practically all using heavy charges of slower powders, and that's not what you want.