I've done this. 100gr Sierra hollowpoint, seated to 2.120 IIRC, over 6.9gr of Trail Boss and a CCI 450 primer. Reasonably consistent velocities but not as quiet or as accurate as my 22LR. Given the 40gr 22LR subs expand pretty well, it really didn't accomplish much. Still, it was a fun experiment and was easier than .223 subs, given the 1:8 twist barrel and larger diameter bullets being easier to stabilise.
I would be tempted to try the 160gr round nose bullets, but at subsonic speeds they're definitely not going to expand.
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