Well, "time of flight" is by far the largest factor affecting the amount of wind drift (although I think the plain old weight of the bullet has a small to moderate independent effect - ??). The reason TOF is so important is just that this is the amount of time that the wind has to "work on" moving the bullet sideways.
But TOF is affected, in turn, by *both* velocity and BC (which these two factors vary inversely for the most part, and BC affects velocity loss rate after the muzzle, making them 'dynamically-interdependent' as well) - both are important.
As with drop, under about 350-400 yards, velocity is the more important factor, but after that, BC is the more important factor of the two.
Now, BC is slightly more important to wind drift, relative to velocity (at long range), than BC is important to drop, relative to velocity (at long range) - but at shorter ranges, I'm not sure whether the same is true (that BC is slightly more important for drift than for drop under say, 350 yards).
But nonetheless, velocity is by far the most important factor in time of flight under 350 yards or so (even if BC is a slightly relatively larger factor for drift than for drop at those ranges, if that makes sense), and thus the most important factor in both drift and drop, at these shorter ranges.
A speedy, low-BC .22-250 will drift much less under 400 yards than a .700 BC .338 VLD bullet doing 1000 fps from the muzzle, I do believe. Which is somewhat counter-intuitive, since the intuition "feels" that sheer independent weight should play a larger role than it does...at least my intuition.
Now for a really, *really* poor BC bullet (say, under .200ish), which also typically tend to be light as it turns out, change that tipping point from '350-400' yards to around 300 yards, at which BC takes over the more important role for TOF.
By the way, if I'm not mistaken, the reason that sheer weight has such a small effect is that the heavier the bullet is, the (typically) larger it is, proportionally, and the larger it is, the larger "side profile" or "side profile area" it has, which is simply more bearing surface for the same velocity of wind to work against. So they *mostly* cancel each other out, making it a small factor, but the reason it's not completely canceled out is due to various bullet materials, and the average mass/density per size, or density per side profile. A tungsten bullet will drift less, ceteris paribus, than a copper or mixed lead/copper one, since it's simply heavier with the same "side profile surface area". But it's heavier so going slower (i.e. ceteris paribus isn't reality), so that increases TOF, so that's a cancellation effect too. Which gets us back, always, to TOF, as the main factor, which is comprised solely of the interplay between muzzle velocity and BC.
As far as BC with "deformed" bullets - of course, as pointed out, ALL bullets become deformed, so BC is by definition what they do in such a 'deformed' state, which is why BC isn't a purely theoretical, mathematical calculation. It can be estimated on a new bullet design on a computer, but ultimately can only be established through actual measurement (calculating TOF, drift, and drop, with a known velocity, to work backward to come up with BC), and even then, BC varies some through different velocity ranges. You can't just "measure" BC in a theoretical vacuum or with some magical tool.
I'm not sure how actual BC is measured, but I'd bet that it's a tedious process of shooting at many different ranges with a known muzzle vel, known wind speed, and measuring TOF, drop, and drift to start working backwards by plotting points on a graph, then having the software come up with a curve function formula for the plots. Just the tools and process for measuring TOF are surely expensive and intricate, I'd guess (high speed cameras? sophisticated sound timers which can hear both the report and bullet impact?) Or can you calculate TOF by simply measuring drop/drift with known vels, without knowing BC, of course, the ultimate question you're trying to answer?
Or in the case of some bullet makers, dispense that all that hard work and just make up a BC.