If your big game hunting range is very close where you hunt, then, of course you can get away with a lighter load. Close range negates to some extent the accuracy and trajectory requirement Wade spoke of.
I have 48" twist guns, 60" and 66" twist rifles and the all demand heavier charges than 90% of the fellows on this site use. By DEMAND, I mean they will not shoot well with oiled patches and the lighter charges that many guys here say they use.
My next shot at a buck, whitetail or muley might be at 50 yards or it might be at 150 or 175yards in a logging slash or across a small in-bush meadow.
Thus, I work up a load with THE patch and THE lube I am going to use. I am looking for the very best accuracy that rifle will give me and that ALWAYS in what many here consider a large or maybe even an excessive charge.
With a slippery lube, my .45 uses 75gr. 3F or 85gr. 2F. That gives me the accuracy and flatness of trajectory (velocity just over 2,200fps) to shoot to about 140yards - about maximum on deer, without even having to think about trajectory.
Both loads shoot as cleanly with those charges as with a water based lubed patch and 55gr. 3F - in other words, easy loading of successive loads with the rifle's rod.
My .58, with a 48" twist rifling is the anomaly here, where it shoots well with a mere 85gr. 2F producing 3", 5 shot groups at 100 meters off the bench with a mere 1,308fps muzzle velocity. Because it has military sights, hitting the 250yard gong at Hefley was not difficult - some walking-up of ball impacts was required.
That 85gr. 2F is the same load that my .45 makes me use with an oiled patch with it's 60" twist.
I do not believe in squib loads for general hunting of big game - not in this area, at least.
Come across a large hungry black (or grizzly) bear and ask him to wait while you pull that close-range target load & replace it with a load that might work a bit better.
imho, of course