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The old tools are really only meant to be used with black powder as there is no case sizing station. The powder kept the bullet from seating deeper, and the crimp kept it from moving out. If you want one for smokeless, get a 310 tool with a sizing die, or get a separate sizing die where you just pound the brass flush into it for sizing.
The tapered exterior of the die is mostly used to remove the crimp. Don't try to bell the cartridge mouths too much, or you'll likely ruin the mouths of your brass pretty quickly. My .45 Colt ideal tool cats a bullet with a slightly beveled base to facilitate starting the bullet into the mouth of the case.
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