The last inch or so of a barrel, and in particular, the last part the bullet touches, the crown, is the most important place on the barrel for accuracy. Any rifle, any calibre, any propellant. While important for ball, I'd imagine it is even more important for mini ball and for square or flat base bullets.
If the crown isn't square, and I use "square" as a relative mathematical term, then the bullet will in theory be touching one part of the barrel and not another, at the moment the bullet leaves the barrel.
I feel a proper crown is crucial. If valve grinding compound an a good spherical end are all you have, so be it, but there are machine tools that work quite well for this, and some that can even be used by hand. I cut and crowned a .303 barrel, when I was done, you'd think it was made that way. And I fired it before and after --the crown certainly made a difference. My friend was a machinist and happened to have the tool, so I crowned it by hand on a road trip to Montgomery when I was 18. Not the best way to do it, but hey, I was a redneck kid.
I may make it sound like the crown does more than it really does, but it is important. You can get by with no crown, provided the muzzle is cleanly deburred and it is never ever damaged (like with the fellow above and his false muzzle attachment). The purpose of the crown is really to protect the rifling in that last mm of barrel and to even up any part of the cut that wasn't square to begin with. If you have another means to accomplish this, by all means...