No... take a look at the image. It's made to use on factory ammo. Now that you mention it, drilling holes into the end of live rounds does seem a little stupid.
Having a HP to stabilize the bullets is something I doubt you'd ever consistently pull off using a drill bit. Not to mention the rough edges around the hole. Also as people have pointed out, you'll end up with lower pressure. Even cutting x's across the top of these still won't give you the performance of a modern factory HP defense round, as they are not just made with a hole in the front of the bullet. There is scoring down the outside, scoring on the inside, jacketing that wraps around inside the tip, powder adjusted to compensate for the difference, and so on.
Also considering this thing seems to only come on .22lr and .30 tokarev(wtf?), compare the minute cost savings of round nose .22lr, and hp .22lr, to the time wasted using this thing.
Having a HP to stabilize the bullets is something I doubt you'd ever consistently pull off using a drill bit. Not to mention the rough edges around the hole. Also as people have pointed out, you'll end up with lower pressure. Even cutting x's across the top of these still won't give you the performance of a modern factory HP defense round, as they are not just made with a hole in the front of the bullet. There is scoring down the outside, scoring on the inside, jacketing that wraps around inside the tip, powder adjusted to compensate for the difference, and so on.
Also considering this thing seems to only come on .22lr and .30 tokarev(wtf?), compare the minute cost savings of round nose .22lr, and hp .22lr, to the time wasted using this thing.

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