The .38 Special +P 158 grain lead semiwadcutter load is called the FBI load or the Chicago Load. It was used for a long time as a standard cartridge by the FBI. As I recall, it was the load used to finally end the Miami shootout.
There is better ammunition these days by a variety of manufacturers. However, if the chips are down and it's what you've got, you could do a lot worse than the old FBI load.
If you're talking about the practice of loading a .38 hollowbased wadcutter backwards in the case to get a long, tubular hollowpoint, that's really not a great idea. Lots of folks have tried it with varying levels of success, but I don't think anyone considers it when thinking about a good defensive handload.
There are lots of folks making good defensive ammuntion.
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