Moving the bullet out that far will lower the PSI and raise the case capacity (load density %). One load I worked up with N350 @1.142 as per book data, I increased the OAL to a few thousands off the land (OAL=1.165). The crono speed average at 1.142 compared to 1.165, dropped 20fps. An increase of .2 grains recovered the lost 20fps. Accuracy also improved moving to 1.165 OAL with the same powder charge. It also improved again as the speed returned.
Disclaimer... #1 This was with N350 powder, not HP38.
#2 This was not max load but the most accurate load at 1.142 with all the components, trim length, etc.