Rather than speculate, I just went out and tried it. Using fired Federal .38 Special match cases and cast wadcutters sized to .358 and with a slight bevel, the bullets would not even begin to fit in the case, let alone drop in with hardly any resistance. The cases would have to be flared to seat the bullets without shaving lead. So just depriming using the above components, and then priming, flaring, powder charging, bullet seating and removing the flare or crimping would work and perhaps work very well. Providing that the rounds would chamber properly without resizing. However, there are no shortcuts since it takes just as much time to just deprime as running the case through the sizing die to begin with. But a consideration would be whether unsized cases would chamber easily. My fired cases show some expansion near the base that need sizing. Good concept however, depending on the proper match between the components.
I haven't checked the score here but it seems we're about tied as to whether it can or can't be done successfully.