Ok so here is my two cents worth.
For the short answer. Yes it will do what you need to do and exceed those limitations. Yes a slug will work if you like a single projectile but Buckshot can be a bit more forgiving on fast moving deer.
For the long Answer. I am in complete agreement with the fact that you need to pattern your gun. Not just with 00 but as well with 000 and maybe even 1Buck if you can find it. Different guns will shoot a completely different pattern with the same rounds. I and my father grew up hunting in South Carolina where we ran dogs. We all used buckshot. Me and my father both shot 12 gauge 1100's. My granddad has always shot a 16 gauge for as long as i can remember.
But now for the disagreement of this post. It will meet your needs completely. Especially with today's newer rounds. What it seems people here are wanting is a instant kill shot. How many people on here have a shot with your rifles that aren't instant kills? I had a deer shot this week with a .50 cal muzzleloader and it ran over 800 yards before i put a round in its neck when we tracked him down to find him still alive. But back to the buckshot. For years while i was hunting i shot a 20 ga winchester and had deer dropped on the spot with it at 50 yards. I have also witnessed deer shot at over 100 yards with buckshot. My dads uncle had a 16 ga that would send 3 pellets of 00 buck in 1 in group dead center of the shot pattern out to over 100 yards consistently every time and he harvested many deer at 115 yards. I wouldn't shoot much at over a 100 yards and definitely not with a gun i hadn't patterned before. But you can rely on that round to do the job you need it for.
Cgull and Woods both posted that there were deer processed that had buck shot in them. And yes there is a bit of uncertainty with that many pellets you can't account for every one of them but if you shoot a deer with something in the hind-quarters its most likely not going to bring him down. I call that poor marksmanship, or a bad sportsman for taking that shot, not poor ammunition.
My buckshot gun is a Remington 1100 12 gauge with a 28 inch barrel with the Full Choke and if i could use that around here i would but its illegal in Tennessee.
But thats just my bit of info to give you. Anything else i will gladly answer if i can.

