as was said, if you do it all the time you'll lead your barrel. Also the ones I shot were light loads, they generally wouldn't cycle the action, so it was like an old straight pull bolt gun.
I've also used cast bullets in .303. Good accuracy @100yrds or so, but they drop quickly after since you don't want to load them up like a jacketed bullet.
The M1 carbine is a much lower velocity caliber in a much more easily actuated rifle. I often run cast lead in those too.
In most cases, running lead in an M14 would restrict you to light enough loads (to avoid over-deformation, leading, and key-holing on paper) that the action won;t cycle reliably.
Personally, I would stick to jacketed bullets in an M14.
almost too much info at http://castboolits.gunloads.com/
And yes, many guys are running cast in various semis there. The trick is to harden the lead and not to fire it too fast.
Harden the lead by dropping it right out of the mold into water to quench it.