That's similar to what buffalo hunters used way back when... figure their 400 grain pills pushed by black powder were moving slower than that at the 200 yards those guys often shot the beasts at.
A 360 grain bullet will penetrate quite well. The physics is kind of weird. A bullet moving twice as fast has 4x the energy and recoil but only 2x the momentum. Both figures count in meat destruction but momentum counts more for penetration. Run some Taylor KO numbers:
940 fps = 21.7 KO
1400 fps = 32.4
So, 3x the recoil gives you 50% more KO. Anyway, you have a 2" barrel to deal with; you won't be seeing 1500+ fps out of it.