Well, I think I am getting somewhere. I shot some more of the 140ELDM bullets and had some consistent groups under MOA. It seems to like more vel rather than less.
I finally figured out one issue. The chamber on this one is pretty short. I did try chambering some factory ammo (Hornady) and it just barely fit. The problem is my reloading dies would not set back the shoulder far enough. I ended up grinding off a bit of the die and now got it set to a good fit in the chamber (the bolt closes nicely now). But, at the same time it has a long throat. When I seated the 123ELDM's they were just barely in the case when touching the lands.
So, I loaded up some more 123ELDM bullets and shot them today. The previous ladder test showed a preference for the higher vel here as well and today I was looking at seat depth. I think I found a decent load. This one is at 100yd. squares are 1/2"
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