Personally, I shoot the 348gr aerotips out of my Knight - as the bigger bullets give me better accuracy and PLENTY of knockdown power. Off of the bench, these cut 1" holes for me at 100yds using either loose Triple 7 or CleanShot.(BTW, a switch to loose powder might tighten your group up some...as it allows you more "tweaking" room to get your charge "just right"
I really don't think you will do better with the smaller bullets - even though bullet velocity will go up, knockdown Oomph (and probably accuracy as well) will go down......not a good trade-off. What you have going with the 295s will carry you out consistantly to 150yds, which is pretty much where I draw the line on Muzzleloading anyway.
"Every moving thing that liveth, I give unto you as meat" (Gen 9:3)
Trust God..........but keep your powder dry!