The original USF&W approval for bismuth shot was for a 3% tin alloy, and the later increase was only to 5%. FWIW, the toxicity and shot-identification papers I found online suggest that the early Bismuth Cartridge shot was often only 2% Sn or slightly less, which coincidentally is the alloy some of the patents said was the optimum for making shot - probably a temperature/surface-tension function. Ely shot was even worse, with more arsenic than tin in some samples - that would really be brittle. IIRC, folks making bismuth shot with Littleton or similar shotmaker are usually using 5% alloys.
The 5% alloy comes out at somewhere in the range of BHN 18-21 (can't find my reference right now), similar to wheel-weights or a bit harder, and is still more brittle than ductile. This alloy ought to make an OK equivalent of a hard-alloy lead RB, but I doubt it would work well in any conventional conical design without more tin, but that would reduce the density some more.
Joel