5gr of Bullseye under a 230gr FMJ runs at ~815fps in my Test 1911.
It is my standard load and, from what I have read, duplicates the century-old US military load.
Per Clawson, the original 1910 ammunition used in the down select of the M1911, was a 230 FMJ loaded with 5.0 grains of Bullseye for a velocity of 800 fps. That powder and that load has functioned perfectly in 1911's under world wide climatic conditions.
By many Bullseye Pistol Competitors, the load is considered the standard load for Ball ammunition. If you have to shoot ball, might as well use 5.0 grains Bullseye as it is a well proven combination.
Whether you get 800 fps depends on the pistol, and the powder lot. You want perfect function without excessive recoil. I doubt your pistol would short stroke on 5.5 grains Bullseye, should not on 5.0 grains. Short stroking is common amount Bullseye Pistol shooters, particularly in cold weather with loads that were tuned in hot weather. These guys cut their loads, commonly use 185 gr lead bullets, for the absolute least recoil commensurate with excellent accuracy on the target. Their bullets might be going 700 fps, sometime less, but, the load has just enough power to function the mechanism. That's OK for a target load, but not a self defense load. You don't want to have hard ejection due to hot loads, if possible, because that will beat up your pistol, may even cause frame peening. I have not tried to hot rod the 45 ACP, but I had some strange over pressure problems in the 9mm. The slide came back so fast the round did not feed, and then, the slide double pumped. That scared me, so I cut the load.
In my Kimber Custom Classic, the average is almost 800
230 gr FMJ (R-P)
5.0 grs Bullseye 98' & 2005 mixed lot Mixed Brass WLP (brass) OAL 1.265" taper crimp .469"
12-Dec-11 T= 53 °F
Ave Vel = 793.5
Std Dev = 18.92
ES = 61.99
High = 817.4
Low = 755.4
N = 16
a little slower in the
Rock Island Arsenal GI M1911
230 FMJ
5.0 grs Bullseye (1998 & 2005 mix) WLP, OAL 1.265" taper crimp 0.469" once fired brass
18-Dec-17 T = 58 °F
Ave Vel = 777.4
Std Dev = 14.56
ES = 57.1
High = = 806
Low = 748.9
N = 30