After a little more research, I've found two good uses for this stuff:
1. I can get the clips it comes on at a dirt cheap price, which is all I really wanted in the first place
2. With the special barrel, I can shoot low recoil 9mm for 2 cents or so a round
So, I found a guy who makes the barrels. They cost about $135. He ran out of the last batch, but is working on more. I figure if I buy 4000 rounds of the plastic/BB ammo (total cost just under $100) I can have hours of fun just blasting away at things, saving about 7-8 cents a round over 9mm. That would be a savings of $280-$320 in ammo for a $135 barrel.
One concern is that the supply of this practice ammo is limited, and when the surplus stuff runs out, the special barrel is worthless, but I don't really care because if I can save a few hundred bucks now to have cheap blasting fun, and when all is said and done I have the ammo clips I really wanted in the first place, I have a hard time seeing any downside at all.