And the award goes to....[drum roll]....wait for it....Steve C!
Exactly as predicted, the bullet rams into the rifling. They do actually feed like a charm in my Hi Power despite this fact. I tried it with both a 158 grain SWC beveled base seated upside down and a 147 grain Oregon trail beveled base FP seated upside down. The bullets were seated about as deep as I could get them with light tapping.
The 158gr SWC probably had about 1/4" protruding from the case and chambered but could not go all the way into battery. The bullet engraved into the rifling and was pulled out of the case when I got the slide open.
The 147gr had about 1/8" protruding and chambered, but engraved into the rifling and was very difficult to extract, but came out still in the case once I got the slide open.
I would suspect that it may be possible to get a 148gr double-beveled cast bullet to load and fire, but it would require a greatly reduced powder charge, and I am not comfortable experimenting further because I do not have experience making super-light squib type loads, nor do I have a chronograph. If anyone would like to continue where I left off, I'd recommend just to try seating a beveled-base case bullet upside down to check if your gun would feed and then go from there but feeding really posed no issue. Something like a upside down 124 gr FP may achieve similar desired results without the required experimentation.