A couple of years ago, I did a whole lot of testing with two Hornets, a Ruger Number 1 and a Ruger 77/Hornet, trying every available bullet in the Hornet weight range. In fact my testing lasted over a couple of years, looking for the magic Hornet load.
I had trouble getting pointy bullets to shoot well, in any Hornet weight from 36 grains up to 45 grains. The most accurate bullet in these two rifles turned out to the the classic Sierra 45 grain Hornet bullet. I used Lil-Gun and H-110 powder. Win 296 is the same powder as H-110, so I didn't try it. The Ruger Number 1 didn't shoot Lil-Gun well, but the Ruger 77 did, and it shoots it well, with the Sierra bullet.
I don't have the Ruger Number 1 any longer, but now have the Ruger 77, and a Browning Huntsman, and just two days ago took delivery of a Winchester Model 54 Hornet, which I haven't shot yet.
The barrel on it is a .223, so I ordered some Sierra 45 grain 223 bullets yesterday to use in it.
My Step Dad had a Win Model 54 Hornet, that's why I bought this one. His load was IMR 4227 with the Sierra 45 grain Hornet bullet. Only 4227 and 2400 were available back in the timeframe that he loaded for his Hornet, and he like the 4227 better. Also, I learned reloading from him with the Hornet.
The Browning Huntsman is a class above the Ruger 77 in many respects, and although the Ruger 77 shot a 1/4", 4 shot group at 50 yards, I like the Huntsman better. And, the Huntsman shoots the 45 grain Sierra's well too. Haven't tried any pointy bullets in it because the Sierra's shoot so well now.
Don