My thoughts are that none of the components of that question are really relevant without examining sectional density. What good is heavy if it is a 1 ounce lead disk that is 1-1/2 inches in diameter that won't penetrate at any speed? What really, truly matters in penetration is sectional density. a heavy for the diameter bullet is what will penetrate. it has to retain that heavy for diameter characteristic, or it will just clog up and stop before it causes enough blood loss.
The 148 grain .38 special wad cutter is one of the better penetrating rounds that I have ever tested. High sectional density, and it retains that shape and SD every millimeter of the way through the target. Not a bit of the energy of that round is expended on deforming the bullet, it is all used in forcing a hole through the backstop.
So. for example, take the 148 DEWC bullet. High SD. at 1,000 fps it would give great penetration. poor wound. Give it 1,500 fps velocity, and it still makes a poor wound, just deeper.
Take a 158 grain SWC hard cast, at both of those velocities. Even higher sd, and at both velocities, you are obviously going to have slightly deeper penetration over a 148 grain bullet.
Now take a 110 grain lead bullet. LOW SD, at both of those velocities, it will penetrate far less than either round, and make a poor and shallow wound.
A hollow point or other expanding bullet's first and key role in wound ballistics is that it increases the SD upon impact. Now, the bullet can be fired at high velocities, heavy weights, and high sectional density, with higher momentum and KE figures, and not expend it's energy on the other side of a target. A 158 grain SWC in .357 will in many cases drive a hole through a target of bore diameter, through and through.
A hollow point that expands to .45" diameter will leave a wound larger than bore diameter, and will not penetrate through, wasting energy.
Penetration and wound size all depend on velocity and sectional density more than anything else. A 185 grain hard cast .357 magnum bullet at 800 fps will drill through a body like a piece of rebar in a tornado. a 185 grain high performing hollow point in .45 at that same velocity will create a far larger wound, but at the expense of deep penetration.
There is where the issue really lies. managing your SD and velocities, and the SD as it travels through the wound.