Yes it does work. However the result will not be as uniform as a bullet designed from that start.
Modern Hp rounds also go through a heat treatment that makes some portions softer than others, helping them unfold as desired.
Dum-dum rounds with just an x cut into them do work better than FMJ. Even more so if a little more space exists between the cuts or in the center to act as a pocket of resistance against tissue.
They will not open up like a designed hollowpoint, but they will often expand most of the length of the petals, especialy in higher velocity ammunition. The rest of the bullet will remain fairly solid.
This does help transfer energy. While a FMJ can allow tissue to flow around it receiving minimal damage, just the simple cuts create resistance transfering energy faster, reducing penetration, and acting completely different than a FMJ.
Just differently than a modern factory designed round.
There is many potential concerns here:
1. If you push the bullet back in the case while drilling you could create dangerous overpressure from bullet setback.
2. If you remove much material you will change the intended payload for a given powder charge. That could result in minimal effects or more noticable effects depending on the caliber, amount removed, and powder involved.
3. If you remove enough of the material between the rear of the bullet and the front of the bullet it can blow the lead through the jacket upon firing while leaving the jacket in the barrel resulting in obstruction and a kaboom on the next round. Or a better scenario but still bad, it can shoot both out of the barrel but cause them to seperate resulting in poor performance. Cutting an X ususaly won't do that, but cutting the top off can. The X lets some copper prongs still hold the lead in, as long as there is enough lead between the back and the hollow pocket.
4. Another concern is drilling or cutting on a live round. Create enough heat from friction and the round could explode on you.
5. Inconsistancy in shape resulting in flight path deviation not seen in rounds created with more precision.
So yes it can help. But there is many potential problems and you can easily purchase better designed rounds. Rounds intended to completely expand. A round that will be designed to fire the payload of the finished bullet already, not a heavier round.
In terms of performance if things work out, it will penetrate more than a HP, deliver more energy faster than a FMJ, result in some expansion and fragmention, while still retaining penetration with the remaining solid portion.
So it is like a mix of the qualities of a FMJ and JHP.
Qualities that are similar to a wadcutter (partial expansion, moderate penetration, increased resistance from front flat surface and partial expansion similar to the X slices or drilled pocket reducing tissue flow) certainly a better hunting round than a FMJ.
Certain qualities could help the finished product. Certain angles will increase resistance resulting in better expansion, along with higher velocities (why the .45 did poorly in the box o truth compared to the others). A taper can help reduce the lead blowing through. A total metal jacket would be better than one with a jacket in the rear like many FMJ.
Casualy and not precisely done some will be slightly different than others and have very different results.