Vern,
I have done what you describe, and when I have I have fired into a bank, at an angle, from a close enough distance that there was no worry of a bullet going over a back stop. The bullets come out at a good rate. I would not risk my chronograph to find out what the velocity is. To facilitate straight seating in the slightly expanded .220 Russian cases, I find that BT bullets are a good idea. I have used some inexpensive 55 grainers that were handy. Since the difference in case and chamber volume, and the bullet not sealing the bore limit the pressure, with normal burning rate powders, and I have wanted to conserve my supply of 133, I did my last fire forming (with this method) using Benchmark, filled, by eyeball, to the base of the bullet. It seemed to work fine. One more tip that you might consider if your chamber has a .262 neck, by turning the majority of the brass at .22 caliber, before fire forming ( I set my turner to produce a neck thickness of .010.) and then fire forming, you are left with less expanding to do to turn at 6mm, which results in straighter finished cases.