The 338 AX is about the highest performing round that will fit in the Raptor. Its not the largest capacity, that would be the 338-378 or 338 Kahn which have around 10 grains more capacity then the AX.
That said, the Lapua case will handle chamber pressures much higher then the Wby brass which the other two rounds are based on and as such will match or exceed these larger rounds with same bullet weights in same length barrels. I am not talking about loading the 338 AX to dangerous pressures, I am talking 68,000 psi which is a comfortable load in the Lapua case but in the Wby or Norma case it will loose primer pockets quickly.
Depending on barrel length you would see just shy of 3000 fps up to just off 3100 fps with a 300 gr SMK class bullet. Again, without jumping up to the 408 class wildcats, its about the top of the pile for 338 magnum performance. Plus, you have the option to shoot standard 338 Lapua ammo through your rifle and that generally shoots to 1/2 moa accuracy as well, just with a drop in performance.
Any of the improved versions of the 338 Lapua would get this same level of performance.
Highest performance is not always the BEST choice however, depends on how you will be using the rifle and you need to consider the reloading aspect of a wildcat and if it fits with what you are comfortable with and want to do. The 338 AX is certainly not hard to load for, just costs a bit more if you want fully formed brass.
To sweaten the deal possibly, I am working on getting correct headstamped brass for the 338 Allen Xpress as well made from Jamison. I have tested their 338 Lapua brass and it will handle the same loads I am using with the lapua brand brass and accuracy and consistancy has been very impressive so far. Not a done deal but pretty close.
Hope this helps.