The issue that comes up with discussions such is this is all the "exceptions to the rules" and each persons individual experience.
The "diminishing returns" question has be adequately answered. Nobody can dispute that at some point you can feed more powder and get less return on a percentage basis.
But then someone will chime in and say "well if you want to get 150 yards...." which has nothing to do with diminishing returns.
If you want to get 150 yards you have to use whatever charge, projectile etc that will give you that result.
It is however, quite rare that someone will post and say -
I have been shooting PRB for many years now but want to try "reaching out" to 150 or 200 yards, how do you few guys, who have taken years to perfect that ability, do it?
More often, if you read between the lines it's "I'm lowering myself from the CF world, I don't plan to practice or put in the developmental time, I just want the "magic formula" to turn this sub-standard weapon into a 200 yard shooter, so I can blast a deer in the special season".
Not that they have ever taken a 200 yard shot, but feel the need for the "capability".
And if that is the case I believe (collectively) we do more of a dis-service by trying to answer or contradicting each other about whether it's possible.
Because while it is, the one asking the question doesn't want to hear about how they will need a special barrel and will have to spend numerous hours learning how to shoot it or how, if they think they will be proficient with it they should first take their 270 out to the range and shoot that with open sights at a 200 yard target.
So for a "new shooter" looking to "start learning" a PRB loaded over a charge determined by the "Davenport formula" is a very good place to start.
Then when they have put a couple hundred balls down the barrel it may be time to experiment some more and come back for some more advice if they can't figure it out for themselves.
And given that the "majority" of white tailed deer (which seems to be the quarry of choice next to tree rats) are taken at distance of 50 yards or less, the "formula" with any "legal" deer caliber is all that you "need".
It will give you a sub-2" point blank range out to at least 70 yards with calibers between 40 and 54 caliber which probably covers more than 95% of the caliber selection for hunters stalking Bambi.