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Yes it does work, and is effective, however; I have been unable to get my process to the point where I can make as many bullets anywhere near as quick as a sizer/luber.
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I agree. However, I have my own home range that is unheated and thus do not shoot (well, today I did, but it got to 55 degrees) during the Michigan Winter. So, I have been doing my casting and powder coating this Winter and will shoot them up starting in the Spring. Inasmuch as I am retired and have little to do in the Winter, the relative slowness of the powder coating process to just size and lube them in my luber is not a factor. However, if I was in a big hurry to get some bullets ready in the Summer, I might be tempted to go back to using NRA Alox 50/50, which I still have a sizable stash of. But, the guns sure stay a lot cleaner without that black, greasy sludge associated with grease lubes. It is noteable that I do not use cast bullets in the few rifles that I still have, except for a WWII .30 Carbine. Powder coating rifle bullets have a few inherent factors all there own that might preclude powder coating, but for handgun bullets, powder coating seems to be the dominant technology.