From using a Waters in the past,250 yards wasn't that hard to do, but of course it depends on how you set up, iron sights will give a somewhat shorter zero with a 3" high hold at 100 yards because they are closer to the center of the bore. If you scope it, the higher sight line acts like it "flattens" out the trajectory a bit. If you are hunting relatively open country, put it 3" high at 100 yards, you'll be pretty close to POA at 250, a top of back hold on larger deer (I live in the north where deer run close to 18" top to bottom of chest) will do the job to a full 300 yards. If you are using a spitzer and the 2 shot method you'll be good for a bit more (which is what I normally do). Keeping less tension on the mag spring seems to make a more consistent long range shooter, and 2 rounds always seems like plenty to have on top.
With the same cartridge in my 14" Contender I've had one shot kills on deer and antelope beyond the 300 yard line, so if you know your rifle you should be good to at least 300.