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The Hydro works because it keeps that nose shape. Lead wouldn't hold it's shape so in my opinion it wouldn't work.

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In testing of FN lead hard cast pills at speed (on AR Big Bores forum) ... the edges erode away until you end up with a kind of truncated cone shape.

The Hydro in comparison comes into its own as speed is increased. But bugger me they refuse to feed in my Ruger's built to wildcats.
Cheers...
Con