It depends on which type of Mauser action. There are small ring Mausers and large ring Mausers. If it's a small ring receiver I would leave it in 7x57 or if you want, you could switch over to 6.5x55. It's been done before but it's kind of "iffy" chambering small ring mausers for high pressure (55-60ksi) cartridges. 7x57 is lower pressure (45CUP vs. 50-55CUP of the stuff we're used to).
If it's a large ring Mauser, then you're good to go with most any modern short-action caliber. I wouldn't do a short action magnum, personally. Metallurgy then is not what it is now. But yes, that's .22-250, .22 creed, .243, 6 creed, .260, 6.5 creed, 6.5x47, 7-08, .308, etc. etc...
Here are a couple pictures of large and small ring receivers. The Large ring is just the action by itself, you see the front ring is a different size than the rest of the action, where the small ring receiver keeps a constant profile on the left side.
Small Ring:
Large ring ("Model 98")
Scope mounts, stocks, etc... will also depend on which type you have.