Oh, the life of Old Wives' Tales:
Tired of always hearing that swaged bullets were almost pure lead, I decided to contact the bullet companies I know that made swaged lead bullets.
Magnus uses 97/3 alloy for 650-800 fps. This alloy is BHN 11. Note: This is hard enough in real life for .44 magnum, as Keith used 10 BHN for all his shooting, but the lube is probably the limiting factor.
Precision Bullets uses 92/6/2 and reports the bore-riding surfaces are 13-14 BHN. They also restrike after the coating process.
Hornady reports 95/5, for 13 BHN.
Zero uses 97/3, also, for BHN of 11
Speer reports it is proprietary, and they “have a max velocity of 1100 fps.”
Most use a wax emulsion for lube. Some, in their target/match grade, use a band of carnauba wax lube.
I can shoot the Hornady 140gn .38 Cowboy swaged lead bullets in my .38 supers at 180 power factor without leading.
If there was a need, commercial manufacturers can make swaged bullets with type metal. Company I worked for swaged pure copper. Amazing what enough pressure can do.