Yes, a .30-06 such as this Knight KP-1 can get the job done, but there are better tools out there for a serious mule deer hunt.
Magnification is a wonderful thing because it helps you reach out just as much (perhaps even more) than a flat-shooting cartridge, but in all cases it's easy to have too much of a good thing. I want a low-end magnification (where the scope should usually be left unless you need more) that will allow a close shot. But I want a high enough upper-end magnification to simplify longer shots. This suggests a 3-9X or 3.5-10X as a sound minimum, with something like 4.5-14X as the maximum.
Obviously all of this depends on the individual. My .264 with 26-inch barrel and 2.5-10X Leupold VX-7 weighs 10.5 pounds. It's a rifle I can carry in mule deer country, but it wouldn't be so for everyone. My wife, for instance, carries a .270 with 22-inch barrel that weighs a good four pounds less. It's too light and whippy for me, but it's just right for her.
So there is clearly a very broad range of suitability in rifle configuration--and a whole bunch of cartridges. What's important in modern mule deer hunting is that your rifle, scope, and cartridge combine to offer the accuracy, visibility, and power you need to capitalize on any sane shot when it comes along.
A minimalist approach, to me, might be the fast .25s. They have plenty of power and flat-shooting capabilities, and their light recoil makes shot placement easy. The only fly in the ointment is that .25s don't hold up in the wind as well as larger calibers.
The next step up is the fast 6.5s and .270s, all of which are spectacular, likewise the many fast 7mm cartridges. And then there are the fast .30s.
In my view the fast .30s with aerodynamic bullets are the ultimate combination of power, flat trajectory and wind-bucking capabilities. But they kick a lot more, and in recent years I've come to believe they aren't essential for mule deer hunting. That said, they work wonderfully, and there is definitely no need for anything larger in caliber.
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