Jeryray,
First, I am assuming your gun is chambered in .38 Special, since you didn't specify. However, a lot of CAS shooters have revived the older .38 S&W, .38 Short Colt, and .38 Long Colt in historical revolvers, and if you have one of these, then the load information below is wrong.
Seating depth is the issue.
Seating Depth = Case Length + Bullet Length - COL (finished cartridge overall length)
I don't know your seating depths because I don't know your bullet lengths. I can tell you that if I seat a cast 158 grain WC in a .38 Special case to maximum COL (1.550") over 3 grains of bullseye, then replace it with a 125 grain cast bullet seated to the same maximum COL, QuickLOAD shows it takes about 3.7 grains of Bullseye to bring the pressure up to match. This is due to a combination of more space and a lighter bullet that offers less inertia to build pressure against. I can also tell you that QuickLOAD thinks the pressure in both instances will be well under 10,000 psi, which gets you down in a range of pressure where muzzle velocity often becomes erratic due to inconsistent start pressure, especially in very short barrel guns.
125's with a metal jacket often do well with reasonable load levels, but with lead bullets that have a short bearing surface (the cylindrical part that contacts the bore) such as an RN or an RNFP that light, they turn more easily and deform into the forcing cone at a slight angle, and that can result in the bullet center of mass being off the bore axis while it is spun by the rifling. In turn, that causes them to jump laterally as they exit the muzzle, imposing drift off the trajectory line that opens groups up. The only common bullet shape made whose center of mass does not go off the bore axis when it tilts in the bore is the double-ended wadcutter.
The traditional .38 Special light target load uses 148 grain wadcutters seated flush with the case mouth and with 2.7 to 3.0 grains of bullseye under them. They are very popular target loads. In both instances, the much greater seating depth shortens the powder space until the pressure is back up above 10,000 psi but is still below the 17,000 psi upper limit, improving ignition, solving the erratic velocity issue, and causing the powder to burn more cleanly.
I've bought a lot of wadcutters over the years, and the most accurate one in my revolvers has been those I cast myself using the Lee Tumble Lube design with their liquid Alox lube, loaded and fired as-cast (no sizing) and with a light roll crimp into the last groove (so they are almost, but not quite flush with the case mouth). If you don't cast bullets, a number of
good cast bullet makers are out there as well as the swaged lead wadcutters being available. Natchez has stock on swaged Hornady HBWC. I prefer the balanced solids to the HB design, but the latter will get you through a bore constriction better, if you have one. I only use the lighter 2.7 grain load with HBWC's to avoid having enough muzzle pressure to blow the skirt out as the bullet exits. But the cast TL design I mentioned groups almost twice as tightly for me from a K-38.