If you are looking for optimum JHP performance out of a .32ACP pistol with a 2.75" barrel length (or similar), a good way to do so is to take a 85gr Hornady XTP (0.311" diameter) bullet and grind away the base of the bullet enough that the final bullet weight is at or about 71gr.
If you lack a lathe, a proper-enough and quick way to cut away the material at the base of the bullet is to hold the bullet in a collet, and grind away the copper and lead with a belt sander. The tools used for this process were as follows: Hornady Cam-Lock Bullet Puller, 0.30" collet, dowel rod sized to fit inside of the collet (use anything that makes sense/is available, that has a flat face on either end), superglue, caliper, belt sander, RESPIRATORY AND EYE PROTECTION and gloves.
Basically, what we are going to do is to cut a piece of metal dowel rod and superglue it inside of the collet, such that the collet face is not co-planer with the face of the collet opposite that which holds the bullet in place. This is very easy to see in the photos, but deserves mention. The idea is to provide a 'stopper' piece such that a fixed amount of bullet base will be outside of the collet to be ground off, bullet after bullet.
Now for the setup of the collet. Having cleaned the entire assembly with acetone, I lightly clamped the collet in a vise and inserted the dowel rod until it bottomed-out in the collet, with the flat face of the dowel rod facing the jaws of the collet. Knowing from previous cutting that I had to come in about 0.068" off of the base of the bullet, I inserted a new XTP bullet into the collet, such that approximately 0.065" of bullet base would protrude out of the assembly, once assembled. Please note that the body of the bullet puller protrudes slightly further out than the collet face and that you will be happier with a 73gr bullet than you would a 69gr bullet, at least from a terminal ballistics standpoint. Experiment with the caliper and your setup and superglue the dowel rod once you are satisfied. Fasten two RCBS (or similar) locking rings, such that the wrench flats are co-planar, giving you a level surface upon which to rest the assembly as it sits on the table of the sander.
As far as the precision of a pistol bullet like this, with an uneven base - working quickly on a sander, my bullets came out with a flatness of +/- 0.0025". It is uneven enough that it is easily noticeable under a bright light, but does not seem to affect precision. In fact, out of a Kel-Tec P32, I was able to fire these bullets offhand and got a ~3" group at 7 yards. If you find yourself using a .32ACP pocket pistol at, say, 25 yards, you have problems far exceeding any concerns about bullet precision!
