I'm probably getting into territory that I shouldn't be in....since I am not an engineer. BUT, if the same number of grains is used to push a 110 and a 148 grain bullet, isn't the bullet with less mass gonna get moving faster? Would faster mean flatter?
Conversly, if you altered the powder to get a 110 bullet to fly at the same fps as the 148, then I would agree with your statement that the 110 will be off the mark (down) from the 148.
So, what falls faster off trajectory, a lighter & (presumably) faster bullet (identical powder loads) or a heavier bullet at identical speeds (powder loads adjusted till speeds are identical)?
Heavier bullets at slower speeds spend more time in the bore and rotate the gun up more before the bullet exits the muzzle. This launches them at a higher initial trajectory and even though the are slower, the high trajectory will keep them higher at short ranges.
Faster, lighter bullets do not rotate the gun up as much before they exit the bore, so they start with a lower initial trajectory.
At longer ranges, say 50 yards or more, the slower, heavier bullet will fall faster and end up hitting lower than the faster, lighter bullet.
There are many other factors involved such as grip strength, the weight of the gun, barrel length, height of the bore above the center of resistance, and a couple I'm probably not thinking of.
Big bore single action revolvers are most prone to the differences due to their high bore axis' and generally slower, heavier bullets, small bore pistols with low bore axis' like Glocks are least affected by the bullet's weight.
If you really want a good read on the nuts and bolts of hand guns, find a copy of Elmer Keith's book 'Sixguns'.