CAUTION: The following post includes loading data beyond or not covered by currently published maximums for this cartridge. USE AT YOUR OWN RISK. Neither the writer, The Firing Line, nor the staff of TFL assume any liability for any damage or injury resulting from use of this information.
I don't spot the 7.35 Carcano on Hodgdon.com. However, QuickLOAD thinks you are safe up to 40 grains of H4895. This agrees indirectly with Hodgdon data on the .30-30 Winchester, which has a little less case capacity and a lower peak pressure limit than the 7.35 Carcano, both factors which add up to a lower charge weight limit, and yet it has a 35 grain maximum for H4895 with 130 grain bullet. So I think you should be more than safe treating the Lee manual load as a starting load if your gun is in good condition. You should at least be able to work up to the Hodgdon .30-30 maximum load.