i don't know for sure... i am under the impression that the xtp's are among the better penetrators as far as jacketed bullets go.
but...
because i had questions like you when i started working w/ my 480, i researched and researched, and came to the conclusion that a heavy, hard-cast bullet was the answer. unfortunately, there were a lot of factors, so i didn't get to work up the load i wanted, but instead used a 355 cast, gas check, wide flat-nose (oregon trail true-shot? maybe... don't recall the exact bullet, but it has a high silver content, and is made by oregon trail bullet co.). i hope to get some on-game testing done this fall (i'll be using a rifle for antelope this weekend). accuracy has beaten my expectations, holding
under 2 moa to 100 yards (2x scope).
anyway, my suggestion is to work a load up w/ a 400-425 grain cast bullet. you should get all the penetration you need.
might want to check out
www.baitshopboyz.com/forum for a little more info. besides myself, there are a couple other fellers that have worked w/ a 480 ruger. i've asked in the past on this board about the 480 and the short mags and get little to no info on it.
good luck!