I hollow point lots of them almost the same way myself. Except I use the trimmer. Great results and its amazing how much they expand with just an 1/8" hole.
Theres only one way to find out. Hillbilly, if it was me, I would try one if for no better reason than just for the sake of knowing. I dont see why it wouldnt work. If you wanted you could even drill an 1/8" dia by 1/4" deep and try it out for expansion. I've even used a counter sink bit to cone the end of the hole in the nose. Makes a BIG hole.
Just a thought, but dont sand it down while its loaded. It would probly get hot.