It's relatively safe to pull the bullet. Yes, the gun powder will come out, there is nothing under the bullet to keep it in.
If you decide to pull the bullet and then empty the powder out, take a flashlight and look down into the empty case. If you see one hole in the center of the case in the bottom, it is Boxer primed and that brass can be reloaded. If you see two holes, or maybe what looks like three, that brass is Berdan primed and cannot be reloaded economically.
When I pull bullets, I take the die out of my reloading press. Put the round in the press, run it all the way up and most rifle rounds will go up through the hole where the die is mounted. I grab the bullet with pliers and then pull the ram back down. I end up with just a minor dimple on the bullet and reuse most of them.
If you find that your brass is reloadable, I would start picking it up and saving it, you can always sell it in the newspaper, here on the High Road or ebay. Or start reloading yourself.