My personal "reloadable .22" is the .22 Hornet. While I haven't done it, yet, as I have no pressing need (because a have several thousand .22LR and don't shoot them much these days) I can download the Hornet to .22 rimfire velocities, short or Long Rifle, or .22WMR speed, or up to full .22 Hornet performance.
There isn't much of an issue with a huge empty case, in the Hornet, even with just a tiny pinch of powder.
The trick is, of course as always, coming up with a load combination that is accurate enough for your needs.
Downside to the Hornet, ammo (including brass) isn't cheap or available on the shelf everywhere. It's a niche round, and I wouldn't recommend buying one JUST so you could reload it at .22LR levels.
The .38 Special has the advantage of components everywhere. You can "weaken it down" to any level you like, as long as the bullet reliably exits the barrel. You can't exactly match the performance of a .22LR because you are shooting a slug 4 times heavier (or at least 3x), much, much slower.
So, say you load .38 wadcutters at 600fps, you won't get the .22s trajectory or penetration through hard surfaces. But you will have a very effective pest eradicator & small game getter at close range.
Spent a summer (ages ago) doing that with a friend, loading .38 wadcutters to about 600fps out of a 6" revolver, and blasting sage rats in disused stock pens. On rodents even that slow speed is massively effective. Like getting hit with a cannonball effective.
During testing we also found that level load would not reliably penetrate an old refrigerator wall. In fact, 5 out of six, BOUNCED OFF!
As to using .38 Short Colt brass (to reduce excess case volume) it will do that, a bit. It also adds to the cost and complexity of your loading set up, over just using the .38 Special case.
If you are worried about the powder not being at the back of the case near the primer (and very little powder, to boot), there are a few tricks you can use without using shorter brass.
One is simply point the muzzle up before shooting.
Another is to use an inert filler. Oatmeal will work. (requires a bit of load development
)
If you are going to do "the Limbo" loads (how low can you go?) equip yourself with the tools you will need to drive a stuck bullet out of the barrel BEFORE YOU START. You won't regret it if you ever need them.
If you do feel a short case is the way to go, you can trim .38 Special cases shorter, I think cheaper than buying .38 short colt brass.