Yes, I did went beyond what OP asked for, I apologize. Though, putting aside LMG idea for a moment, A-H did play around with semi-automatic firearms before the war, so if the design is particulary good, and reliability is close enough to the M.95, then we perhaps could see some sort of a small scale production. Though I wonder about the ammo capacity, since people in charge might demand that any firearm designed uses existing ammunition loading methods, and I wonder how they incorporate en-bloc clips as used by Mannlicher series of rifles. Conservatism of the army at this period might be strong enough to stop any possibility of detachable magazine, thus forcing them to muddle along with 5 round magazine. But then again, we could easily end up with something very much like the French RSC-1917/1918 series of rifles, which used quite a lot of components of older Lebel rifle, including the 8x50mm Lebel cartridge.
So with that in mind, and if all the stars align, but then again it is Alternate History with a bit of hindsight, I could easily imagine the following course of events:
-Introduction of a more powerful, modern cartridge, an earlier version of 8x56R cartridge, and rechambering of all M.95 rifles for it, and at the same time converting them to something along the line of Postwar M95/30 or 31.M. Older rifles, such as M.1888/90, which are not strong enough to be using the newer cartridge are to be sold off, Bulgaria for example did use it, and some cash would be nice to have, even if they sell them off at much lower prices.
At the same time, while the conversion process of M.95 is going on, and new-build versions are produced, interest the KuK Armee in the semi auto weaponry, and considering the relatively limited size of the regular army (roughly 450k in peacetime), it could be within their reach and means to at least partially equip the troops with it by the time war starts? I doubt that there would be enough of them to completely replace M.95, but then again, if the production facilities are completely switched over to producing the M.19XX semi auto rifle, they might have no choice but to continue producing them for the rest of the conflict.
Yes, SMG could be useful, more then I assumed at first, but there must be a better option then Hellrigel. Something along the lines of MP18 would suit them much better, if only because of the weight of the weapon. But how can you get a SMG before WW1? Maybe something related to police units could do the trick, if they demand a weapon that is handier then the rifles and carbines they are using at this point in time, and that shorter automatic weapon firing pistol cartridges might be seen as more suitable for policing duties then Full Caliber weapons used up to that point in time? Then with the weapon already in some kind of limited use and production, there is a less of a leap to adopt it to military use then such an untested weapon as Hellrigel. First issued to Military Police units, but as Jaegerkommando units are raised, and there is recognized a clear demand for a fully automatic portable firepower, we could see it adopted for full scale military use.