"...competing with a revolver..." Hi. A lot depends on what competition you're shooting, but like darkgael says, a .38 Special has been the standard bullseye target firearm for eons. 148 grain WC's and 2.5 to 2.8 grains of Bullseye is the standard bullseye .38 target load. High end .32 S&W target pistols have taken over, but you'd be competitive with one. It's great fun too.
NRA bullseye is done with a .45ACP target pistol as well, but .
Competitive shooting has something for everybody.
"...if you have to reload you're hosed anyway..." You've never seen Jerry Miculek shoot, have you? It's like the revolver loads itself. His reloads are so fast you can barely see it happen.