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Terminal ballistics will change significantly I guess. A typical scenar will act more like a FMJ since because of the jacket beeing closed at the "boat tail end" and a FMJ will likely act like a HP.
HP bullets might give interesting results with a drilled hole at the boattail end and/or cut serrations.
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No conventional bullet is gonna expand at subsonic velocity no matter what you do to it. The flat base presented by a reversed boat tail will actually cut a better passage through flesh than the pointed end of a spitzer