There is an excellent article in the March 1986 American Rifleman, by John R. Clarke "Reloading for the M1 Rifle" starting on pg 50.
Some recommendations:
According to Clarke, powder charge and burn rate must work within the desired port pressure of 6000 +/- 2000 psi. Burn rates from IMR 3031 to IMR 4320 in relative quickness are desired. Too fast burn rate = low port pressure (rifle may not cycle fully), and not enough velocity at safe pressure levels. Too slow = excessive port pressure that can damage the rifle's operating rod and cause cycling too fast to pick up the next round off the clip. Other powders that fall within the burn rate, such as WW-748; Hodgdon H-4895, BL-C(2), and H-335; and Accurate 2495 or 2520, are suitable PROVIDED THE CHARGE WEIGHT IS CORRECT.
Don't try to make a magnum out of the M1, either. Clarke recommends light to medium loading levels: Sierra 150-gr HPBT Matchking with 48.5-gr of IMR 4895 for 2650-2700 fps. 168-gr Sierra HPBT Matchking with 47.5-gr IMR 4895 for about 2650 fps.
He recommends the 180-gr Sierra Matchking as an ideal substitute for the 173-gr M72 loading, with 47.0 gr IMR 4895 to get 2550-2650 fps depending on case brand.
Make sure your rifle does not have a worn gas piston, gas cylinder, gas port, weak operating rod spring, or bent operating rod that could cause it to cycle erratically. Clarke mentions that the position of the fired cases after ejection is a good indicator of port pressure: 150-gr loads fall about 12 to 1:30 o'clock, M72 (and 180-gr loads) loads will fall about 2-3 o'clock, and 190-200 gr loads at 3-4 o'clock.