It will work, but is limited by the available appropriate bullets. I've taken a number of deer with the ballistically-similar .25 Bullberry in a handgun. The Bullberry is a necked-down .30-30 so it has more capacity than the .25-35, but in a 14" barrel it has about the same power as a .25-35 in a rifle.
I used the Nosler 100 Ballistic Tip on several medium sized Alaskan deer with great results, all at 100 yards or less. The M94 needs RN or FN bullets, and the only proven one is the 117 Hornady for reloaders; I have no experience with the Winchester bullet, but the Hornady is a bit hard for .25-35 velocities. It
was factory loaded in the .257 Weatherby, giving you an idea of how tough it is. A softer bullet would kill faster in thick country.
I once used a 10" .25-35 T/C barrel to take a deer with the 85-grain Ballistic Tip bullet. Fine results there too.
