Yes I can't see why not for Lead bullets. Lead hardness would be the limiting factor I think. You would also need the projectile to be supported in the correct diameter die during the punching process. This is basically bullet swaging which is its own art form. Lots of info online if you want to drive in.
I made a swaging press a few years ago and a couple of sets of dies for high BC 400gr parabolic nose 9mm projectiles and a FN .462 for 45/70. Never got either die to work perfectly, it's a very finicky process and the dies are difficult and time consuming to make.
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