I too have a hankering for a 38-55, and I even bought a 30-30 donor rifle back last winter.
I have to agree, the more I research the 38-55, I see more walls than windows. Sorry, gnoahhh. I have to disagree. I'm thinking of this 38-55 as Ohio-compliant whitetail deer rifle. There just aren't that many jacketed bullets for this chambering, and although there are quite a few cast bullet options, I find that they're all on the heavy side for whitetail. I know-- that's my tastes, but I'm used to playing in the 30-06 kind of sandbox where the bullet choices are overwhelming.
Yes, there are least-versatile choices, especially if you look at the reverse. What is the most versatile chambering?
Take 30-06: I had grafs.com up a little while ago-- over 400 bullet choices. You can go from a 100 grain plinker to a 250 grain match bullet. You've got bullets for varminting, plinking, big game hunting and dx shooting.
So bullet choice is a big component of a chambering's versatility.
Then you've got rifle offerings. Everyone offers a rifle in 30-06. Every type of action is covered. Every conceivable barrel length and twist is covered.
38-55? You've got levers and single-shots. Sure you could custom-build it into anything, but you have to ask yourself why? What's practical?
Case capacity is a factor. 38-55/375 WIN is on the Ohio-compliant list, because it has a limited case capacity. Nobody will be able to drive a bullet all THAT fast as a result. 30-06? Dang! Think of what a 30-06 can't do, and it's an impressively small list.
I just got done hunting a season with a Ruger Model 44 in Kentucky. I fell into the Model 44 after acquiring the donor rifle for the 38-55 build. Having used it to take a buck, I'm seeing that this may be my designated Ohio deer rifle. It dropped a buck at 80 yards and did so without muss or fuss. I daresay the 38-55 project would not have done any better. As a result, I may hold off on the 38-55 build.
Apples and oranges, I'm afraid. Besides, how many people actually use all or even a small percentage of .30 offerings in their .30-06's? Versatility of a cartridge doesn't mean the average Joe takes full advantage of it, even the average Looney.
I could easily spend the rest of my life with a "less diverse" cartridge exploring all of its potential- bullets, both store-bought and home made, powders, velocities- and in between range sessions going out and killing stuff with it. It boils down to how far outside the box one wishes to think, and how much one shrugs at "common wisdom".
