By the way, I have also swaged fifty rifle mold bullets down to .499" for a .50 bore Green Mountain LRH barrel. Fill the grooves with lube before sizing (a trick from the 1974 book "The ABC's of Reloading") and while not perfect the resulting bullets are usable.
you would lose most of the lube grooves but yes you could. just be sure it's dead soft lead.
it casts at .512 so if you went to .499 you will rub out most of the driving bands and lube grooves.
It works well in an 1858 Smith but that's a cartridge gun. If you size it down enough to fit a muzzleloader, as stated, the lube grooves will pretty much be gone.