I almost feel I need to stipulate my "hunting credentials" on this thread in order to reply...
There is sooo much to say here...
First; Guns and Bows are VERY different in how they function terminally. To suggest that a small caliber round is more lethal than a archery propelled, broadhead tipped arrow is ludicrous. Briefly; BULLETS are designed and function by expanding and expending their energy on a "short wound channel" within the game animal... the goal is shock, pulverization and/or muscular/skeletal incapacitation, hemorrhage is secondary... ARROWS, on the other hand function by "slicing" tissue (arteries etc...) on a "long wound channel" causing massive hemorrhage. Where bullets are "designed" to shed their energy, arrows "resist" shedding their energy... thus require FAR LESS actual kinetic energy or momentum to completely penetrate tissue. Both are lethal within their respective but very different parameters... I have shot upwards of 200 big game animals with archery equipment possessing 80 ft/lbs of energy... virtually every shot was a complete pass through and death was efficient and quick... by comparison, that is roughly the equivalent energy of a .22 LR rifle... NONE of which would have passed through and very few of which would have resulted in a recoverable animal.
As to the topic at hand; Hornet for deer... I know an elderly native gentleman who has taken hundreds of whitetails with a .22 Mag... I once asked him how many deer he had lost, he responded, "none." So I asked, what was the longest tracking job he had, he responded "how tall is a deer?"
I DO NOT relate this to advocate using .22 Mag to hunt deer with... this native hunter hunts by climbing into a tree directly over a deer trail, laying out on a branch, often for hours at a time, and shooting the deer from 15 FEET through the top of the head... I would say if you can lay on a branch, unmoving for hours and still shoot accurately, then by all means give the Hornet a whirl...
I personally love the Hornet, but have reamed all mine to K-Hornet... and I will NEVER use any of them on deer. Having said this, if you do use a Hornet for deer, then PLEASE do not use the 45 SP Hornet bullet! I have shot dozens of coyotes with that bullet and have had a number of sub-par results even on lightly boned yotes... It has not been mention in this thread as far as I can see, but the relatively new Nosler 60 grain Partition bullet is proving to be a decently accurate bullet out to 150 yards with excellent terminal performance.
Tactical870... if you just gotta do something silly like use your Hornet on deer, and since you reload, please look into a premium bullet like the 60 Partition or Barnes 62 TSX...