Great suggestion. If you have a 303 British gun that you are willing to experiment with then why don't you go ahead and pick your favorite slow powder for that cartridge, based on published data in manuals etc. Then, if you are willing, just do a chrono test with the original, stock (24 inch) barrel and then cut it down to the minimum legal; which I suppose is 18 ½ - not 16). Otherwise, you could just borrow a jungle carbine from somebody and use the same load, since they already have legal 18-inch barrels.
In the next part of the test you could use 1680 for a 24” 303 barrel – but you won’t find load data for that. I can give you the load data from Quickload. Then try the same 1680 load in the 24 inch gun versus a borrowed Jungle carbine or your proposed cut-down 18 ½ inch 303 Brit gun. The resulting data should confirm what you’ve suggested with Powder X and Powder Y.
Meantime, you might be interested to know that there are a few guys who have
already experimented with just pulling the bullets off 7.62x39 ammo, dumping the 1680-equivalent original powder load into a 303 Brit cases and re-seating the original AK bullet in that ol’ timer 303 brit case. People who do that seem pleasantly surprised by the outcome.
Here is a link that you can click on to see the comments of one CGNer who has done that recently
He wouldn’t be getting the 2500-2600 fps of the original 7.62x39 round because of the case capacity difference – but probably at least the 2100-2300 you are talking about.
Others do the same thing BUT add about 20-25% more of the original powder (from a second decapped cartridge) and they get great results – including no issues with ignition. I’m pretty sure that such a 120-125% (of original AK powder, plus original boolit) load would do 2500-2800 fps from a 24 inch 303 brit gun the
same performance (or just a bit less) in an 18” jungle carbine. On the other hand, I'm guessing that your 45 gr of H4985 behind a 125 grained would do around 2930 FPS in a 24 inch gun and less than 2,500 in a 18" gun.
Furthermore, people like Caramel don't get it. It isn't just about velocity. It is about having a load that is balanced for your gun. That H4985 in a shorter-barreled 303 will be a really unpleasant gun to shoot. The 1680 load in a shortened 303 Brit will have less drama and more results.