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express ammo is the best, greatly increases damage. high velocity is actually glitched against players. more info in the Known Bugs post in #1061693442092183592.
yes, there is damage fallout from range. you can find more in-depth info on this in the Comprehensive Weapons Guide post in #1061693442092183592.
all weapons got damage dropoff except sniper (carcano/rolling block ) some players complain about high velocity as beeing bugged often like does no damage. express is ~50% over regular while high velocity like 20% ( also pierce targets and can damage up to 3 targets )