I believe this project is an exercise in futility
The H&G #68 bullet is a great design by virtue of two main factors.
1. It is inherently accurate with an assortment of powder charges.
2. It is a (semi)wadcutter bullet that will feed reliably in a 1911 pistol --often with unaltered barrel -- by because of the bullet profile. The edges of the meplat and the shoulder are tangential with the profile of the standard 230 gr. round nose bullet. During feeding, these two points touch the barrel feedway and the top of the chamber in a manner similar to the RN bullet.
Because of #2, the meplat width and nose length are part and parcel of the bullet. The narrow meplat does not allow for a hollow point of any significant diameter. If it was made large enough to promote any expansion at all, even with a dead-soft bullet, the nose would deform during feeding and collapse, bullet, the nose would deform during feeding and collapse, most probably creating regular malfunctions.
It is possible to do what you propose, but it would take a different bullet. The difference in weight between original and modified form would depend on the width and depth of the hollow point.
There used to be an accessory called, I think, the Georg Hollow Pointer. It was a thingy to hold the loaded cartridge and allow a special drill bit to be centered in the bullet. I’m vague on this because I never used one. It was mildly popular decades ago, before well designed HP bullets were readily available. I think the advice to purchase proper JHP bullets is sound.
Best,
Johnny