How many cheapy foreign HP's have you guys seen? Every single one that I've caught has been open base. I SERIOUSLY doubt you'd stick a jacket by drilling the nose... and if that's not enough, check out the Winchester Ranger-T's. Long story short, a buddy's dog got shot with one, it hit the tail first and separated. In examining it, the ranger T is also an open base HP. Poor, poor, poor design (saved the dogs life) but these are everyday-use bullets in most jurisdictions. Your not going to shoot core from jacket in my opinion... but whatever fear-mongering keeps people on the right path I guess does us all good.
Bottom line- why do it? HP bullets are sold bulk, you can cast them, or swage them, or drill out the cast. But there are many better options than these.
BTW, a lyman case trimmer, cough... happens to accept, cough... a 1/8" drill bit and will let you drill a- gasp!!- LOADED ROUND. For those that were curious how to do it- somewhat- symmetrically.