Bumping up cast bullets can be done, but with cast rifle bullets, precision is lost doing this. I have tried squishing some jacketed (soft pointed) bullets in the past, but uniformity goes to complete shit. They just don't expand in the same place each and every time. I also used a SACO bullet sizer with .312 dies and a good fitting nose punch to do this and I felt it was putting too much stress on the sizer. FMJ bullets would probably be even more difficult and give even worse results.
However, someone who has swaged jacketed bullets from scratch might have a workable solution.