I've squeezed (squoze/squozen?) down a number of bullets over the years when something wasn't available: Hornady 0.338" 250 grain RNSP & SP & Speer 250 grain SP to get a .318 Westley Richards (0.330") shooting again, using a no-longer available Z-Hat sizing die; Remington 8mm 220 gr. PSPCL down to 0.318" for an old J. P. Sauer 8x64J rifle using a custom reamed Lee cast bullet die; Hornady .0.358" 250 grain RNSP bullets for an old GECO Mauser in 9x57; as well as Norma 9.3mm 286 gr. PPDC bullets to 0.358" for a re-bored Holland & Holland that likes heavy bullets, after Hornady discontinued their 275 gr. bullets as Winchester had their 300 grain bullets, using a Lee cast bullet sizing die screwed into my Rockchucker & now my Lyman Orange CrusherII.
I found that as long as you made the reduction in a couple of passes (eg. 0.338 > 0.334 > 0.330) rather than trying to do the whole reduction in one pass, jacket separation, at least as far as I was able to ascertain, was negligible. At least they worked fine for a couple of Grande Prairie moose; I never got lucky (?) enough to try them on a grizz when I lived there.
Accuracy was minute of moose (~3" @ 100 yds.) which I thought was sufficient/satisfactory, given two of the rifles' cordite-frosted bores and the lack of original, correctly-sized bullets I had to compare them to, as Frenchies/Barotto (now Wholesale Sports) & Guncraft were both out of Barnes Originals +/or Norma bullets every time I got down to Calgary.
I've tried a number of lubricants (including Imperial sizing die wax, STP, and a few I can no longer remember), but settled on Lee Liquid Alox (which has to be washed from the sized bullets afterwards in naptha gas; Varsol left a slippery/greasy feeling on the bullets) which I coat the bullets with in the same manner Lee recommends for cast bullets.
I do believe, however, that swaging bullets (ie. bumping them up) would be a better way to go, at least insofar as hunting bullets are concerned. When I came into 2,000 .308" 200 gr. Dominion RN KKSP bullets I spoke with Dave at Corbin's about getting a die set made, in order to bump them up to 0.314" for a couple of Lee Speed rifles sighted for the MK VI cartridge, but decided it would not be worth it, given the cost of the dies & press, versus the price of that many SR Custom 200 gr. 0.314" bullets at the time, so wound up selling them to a fellow CGN'er who tells me they work great, as is, for Alberta moose in his .308 Winchester.
The only time I think it would be worthwhile to do it nowadays, unless the component shortage gets really bad, would be for hard-to-find bullets, such as for a heavy bullet .358" (think 286 grain 9.3mm bullets), if a cast bullet will not work for your purpose. Of course, if it gets really bad, then we'll also have to make our own BP & remanufacture primers too, in addition to casting our own bullets!
First the fish fly hatch, then the male mosquito hatch, then a number of cold fronts moving in (+3 C last night!!!); just can't catch a break for fishing! At least all of the rain & cold keep the forest fires down and I've only had to use a wee bit of my remaining stash of army mosquito repellant/bolt remover/fire starter/ plastic melter so far this summer. Too wet to head out to the range either. At least there's a good crop of blueberries & pin cherries with which to flavour the Death Wine!