Yes, grinding off the nose of a FMJ round used to be the "trick" to make your own hunting/expanding ammo. However, and much to one's dismay, sometimes the core would then separate from the jacket, in the barrel, causing great excitement when the next round was fired.
Correct me if I'm wrong, but is there not plenty of 7.62X54 ammo around with soft point ammo? I have quite a few boxes of the S&B ammo, with 180 grain semi-pointed, soft point bullets. Also have some boxes of "off brand" mystery ammo, labeled "hunting ammo" around. I think the S&B has been around for a long long time.
And of course, if you reload, and who wouldn't, you can pull the FMJ's off of military ammo and stuff any bullet you want into the case, as long as it wasn't heavier than the one you pulled. In fact, you could do that with a five dollar kinetic bullet puller, and make up some sort of tool in the garage to re-seat another bullet, and....SHAZAM! You've got hunting ammo!