I would be very surprised if any .308 dia bullet worked well in the 7.65. The OP did not bother to tell us what rifle he has. But Mauser themselves specify a .314 nominal groove diameter. And back in the glory days of 1909 importation, Speer produced .313 bullets for the 7.65. Stick with .312's whenever you can to get the best out of your rifle. .311's will work but I think a bullet .005 undersize will disappoint. I fired a bunch of Argentine surplus ball ammo...horrible stuff, dirty, wildly inaccurate, undersize bullets, Berdan primed, probably corrosive...avoid it.
