It should work just fine. I would switch to loose, however, if it is possible. 50 - 60 grains loose with a 200 - 240 grain pistol bullet should work just fine out to at least 75 yards if it is accurate.

If you really want to tailor up a nice, low-recoiling load, try a .40 cal 200 grain XTP with a .50/.40 sabot and 50 - 60 grains of loose powder. Has almost no recoil, and the 200 XTP performs very well at lower velocities.