Enginetech,
On the 40gr V-Max ,just seat them one bullet diameter,or 0.224" of the base of the bullet into the case. That is, if that doesn't jam the bullet into the lands, which would be very rare . That will leave the ogive of the V-Max far enough exposed.
You need to try to find the length of your chamber, so you can try seating the bullet out at least to the lands to see if it shoots any better at that length, or a specific distance away from the lands.
You can do a chamber cast with Cerro-Safe, a low temp casting metal.Then measure the length from the base of the casting to where the lands start with a caliper.Or use a special tool from Hornady, which in my opionion, costs to much. The Frankford Arsenal Bullet seating measurement tool # 190-644 at Midway for $15.29 works just as well with out the special cases required by the Hornady (Stoney Point) tool. I have both and find I'm using the Frankford more. Or you can do the smoked bullet into the case routine which doesn't cost anything.
It will be rare indeed if you find a bullet long enough to seat out to the lands and still be able to be stabilized by most Hornet barrels twist rate. If you move into the 50-55 gr bullets the length starts to increase and the slower twist on some barrels becomes a problem, if you have a 1 in 14 twist it may shoot upto 55 grain bullets if they are not to long, but the 1 in16 older Hornet twist usually won't stabilize the longer bullets. The "standard" Hornet bullet weight was 45 gr. and has a stubby shape.
You mentioned a single shot and if it is Contender or Encore they probably have the 1in14.
The Hornet is a very acurrate cartridge, once the right combo of bullet weight and shape, powder, primer is found. Most will shoot in the sub 1" with the right combo and a given, that the rifle and shooter is of good shape.
A favorite of Hornet shooters is that 40gr V-Max that you've already loaded, plus HODGDON LIL' GUN powder Rem 6/12 small rifle primers or CCI small rifle benchrest. A good starting charge of LIL'GUN is 12.5 grs, this is a load combo made in handloader heaven. The little 35 gr V-Max and 33 grain Berger fbhp will clock in the near 3000 mark with 13 grs of LIL-GUN, and shoot just about the same sub 1" groups as the 40's.
Lucky you,you get to work up that bug hole shooting load.