If you take a chunk out of the base of a bullet, so that material is missing from the rim edge of the base you'll get some gas blow by. Maybe gas cutting. And it will be an unbalanced rotation. Worst of both worlds I would think.
You can test this, I think if you notched some bullet bases, and then took others and drilled an equal size hole in the side of the bullet, just above the base, leaving the base intact, you should be able to determine which one had the greater effect on accuracy. If there was any noticeable difference, of course.
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All else being equal (and it almost never is) bigger bullets tend to work better.
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