It really all comes down to what, specifically, you want to be able to do with it beyond the duty its currently engaged in as to whether the M1 Carbine is adaptable to your ends or not. Reloading for the gun to tailor your ammo to your end goals is certainly one way to go and will help both with the accuracy issues (to an extent anyway) and with addt'l muzzle energy/knockdown power (within the limits of how hot you can push pills that will run in the absurdly slow twist of the M1 carbine of only 1:20).
If you really want a semi-auto, with more effective range, precision accuracy, more energy at the muzzle and downrange. etc., etc., etc., then you are likely going to be better served to look toward an AR in any number of vastly better calibers than your average .30 Carbine round, including reloads.