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Do you really think a hand press can producer more then 5400 psi of force? The working psi of the 50 BMG is around 5400. With that kind of pressure a bullet will have no trouble getting squeezed into shape and pushed down the tube as long as the size is correct. Depending on how the bullet is pulled it could be out of round but not oversized. The biggest issue would be that it could cause chamber issues if your chamber is cut tight. But if you feel better doing it have fun it will not harm anything.
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This guy knows what hes talking about. Have none of you guys ever recovered an intact bullet by a target before? If you have, you will see that the bullets has marks from the rifling. Not just small marks, but actual engravings. The bore is ALREADY resizing an oversized bullets, every time you shoot.
Also, many guys buy undersized bore's to eek out a little bit more accuracy (Some believe they are more accurate or produce higher speeds)
I can't say for sure if an unsized bullet will produce more or less pressure, since sometimes the smallest thing can increase or decrease pressure. However as long as your not loading to the edge, it doesn't matter.