Those 1960's revolvers were sighted to shoot to point of aim with 158 grain bullets.
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Back in the day, when 2700 Bullseye was the self defense sport, pistol owners shot at 25 yard targets, and not using ammunition regulated for the pistol made a difference. Lighter bullets always shot low for me, about four inches low at 25 yards with my snubbies. Today, no one shoots at 25 yards unless they are rock busting on a berm. Twenty five yards is a long ways out there and today's pistol shooters are into rocking and rolling at close range.
I will say, for practice, sure shoot your 148's, won't hurt a thing, won't un necessarily wear out your air weight. And those air weights will wear out, timing goes, the crane hole in the frame will oval, etc. I really doubt at the velocities of a 38 snubbie a wad cutter is going to be any more lethal than a round nose. I purchased the latest and greatest non plus P 125's for my air weights, My air weights are post 2000, and they are regulated for 125 grain bullets. Not that I am going to see a point of impact change at seven yards.
If you really want to shoot wadcutters, stay within standard pressures. The data has been posted above. It was a classic target load to use 2.7 grains Bullseye with a 148 wad cutter. I was told to keep the 148's at 740 fps to keep them tumbling at 50 yards and since lots vary, that might mean 2.8 grains Bullseye pistol powder. If you have never shot 2700 Bullseye, shooting a revolver in rapid fire, five shots in 10 seconds, at 25 yards, is amazingly difficult with one hand. I don't know how they did it. The great double action shooters could put a coin on top the barrel, and double action dry fire without the coin falling off! Competitors were looking for the lightest recoiling round that punched a round hole in a piece of paper. This load was never intended for self defense. It only has to make small groups, not recoil much, and stay stable to 50 yards.