Hodgdon HP-38 and Winchester 231 are the exact same propellant - right down to the lot number, in many cases (verified).
I have not tried Power Pistol using lead slugs in 40 S&W. But what I do know is that PP is a highly energetic powder and runs hot, so to speak - not good for lead. You would want a less energetic powder, like HS-6. HS-6 is well known for running well with lead (if you don't under load it - but that's another thread).
You mention HP-38/W231. Either one of those would work well with lead slugs in 40 S&W; although, they would be at modest target shooting type velocities.