Rebs,
I've shot those with up to 6 grains of Bullseye for a combat load practice at their normal seating depth (about 0.02" of shoulder out in front of the case mouth) and I know folks who've done more. You're in no trouble with 4.2 grains. Consider that a military ball round uses a 234 grain JRN bullet that is 0.68" long, typically seated to a COL of 1.260"-1.270". From the formula I gave before:
0.898" + 0.680"-1.260 = 0.318" maximum seating depth.
It's loaded to about 400 ft-lb (as compared to 350 ft-lb for commercial hardball with 230 grain bullets) using the rough equivalent of 5.1-5.2 grains of Bullseye. I've measured their pressure ranging from about 17,700-19,800 psi firing them.
Bottom line, you've got a lighter, softer bullet, a bigger powder space and a smaller charge. You have no problem.
Polyphemus,
If he were at near a maximum load (6 grains is in the Lyman data), I would agree that common sense would say to pull them down. But he's actually running in a gray area with his target loads, which is why he asked, and you can see it takes a little more detailed exploration than the average load manual offers to get a sense of the effect of the greater seating depth. QuickLOAD thinks he would have to seat to 1.030" to get the pressure up to that of the military load I mentioned, but even that estimate may be high for the reason below.
Compared to normal powder space assumptions about pressure, small powder space pistol cases are often subject to having their bullets unseated and pushed forward by the primer before the powder burn builds enough pressure to do it. This causes the actual powder space at the pressure peak to be larger than if the powder alone were doing the work. This is especially the case with lubricated lead bullets which start forward pretty easily. One of the endless experiments I've been accumulating on my list of things to get around to is to do some intentional deep seating to fire in my pressure test barrel to see how much immunity to over-deep seating that effect actually offers, as compared to what the calculated difference would be. If I get to it, I'll post the result.
The SAAMI COL range is about reliable fit and feed, only. It's not about pressure because the powder has no way to know the bullet tip position. It's the bullet base position that affects pressure, and that changes with bullet length when the COL is held constant. Technically, you have a wildcat cartridge when you go outside of SAAMI COL range, I suppose, and even if the pressure is safe, it may not feed.
A good example is .38 Special. SAAMI says the minimum COL is 1.275", and if you use a lever action carbine in .38 Special, bullets shorter than that may let the rim of the next round in the magazine reach into the carrier mouth and jam the gun. Yet, a full wadcutter is just the length of the case; 1.135"-1.155". Same with 32 S&W Long and it's wadcutter version. Both are shorter than the SAAMI minimum for the parent cartridge. SAAMI reconciles this by having separate standards for those two wadcutter loads because there are enough self-loading target pistols around that can't feed anything but the wadcutter format, contrary to the carbine rifle example. 44 wadcutter molds are available from NEI and there is no SAAMI spec for 44 Special WC's, much less any for 357 Mag and 44 Mag WC's, though the former are made up all the time and the latter are done by a few. But that fact doesn't indicate there is harm in loading them and working the loads up, even though they violate the SAAMI COL range by seating deeper. You just need target load charge weights with them.