Yes, you do have to turn quite a bit off the re-formed brass. As far as case capacity, I have zeroed in on three powders, IMR 4198, Reloader #7 (my favorite), and Hodgdon LilGun. All three have a bit of room to spare, especially LilGun, in a factory 221 so I should be able to work up an equivalent load with a slightly reduced volume.
My hope is to get long life from the re-formed cases, if that proves true it will be worth the effort.