I first ran across this idea many years ago when reading up on how handloaders got around the supply problems and rationing during WW2.
The main problem was in reloading for high intensity small bore centrfire cartridges like the .22 Savage High Power. The Savage .22 HP had already posed problems due to its non standard .228 bullet diameter.
Cast bullets stripped lead into the grooves when high velocity loads were tried. Propellants were a contributing factor, since many handloaders had to settle for salvaged primitive double base powder from .30-40 Krag ammo that had become too old for reliable ignition and sold as scrap to the broken down for components. The other older DB powders, no longer used for US military .30/06 could be found, but was also a very high temp powder that could melt a cast bullet base before it got to the end of the bore even with a gas check.
The .22 savage shooters occasionally used bullets made by swaging jackets from salvaged .22 Rimfire cases, they were able to make the larger .228 bullets this way.
Later on, in the 1960's I ran across an article on making half jacket bullets for a British big game cartridge using .45 ACP cases, bullets of that diameter being very expensive and difficult to find at the time.
I don't think I'd want to leave the rim less base and groove intact, that could invite foreign materials getting trapped in the groove. It would also create a terrific secondary shockwave in super sonic flight. Even a cannelure creates its own secondary wave effect.
I would think that a careful annealing would be in order, and perhaps a dry lube of some sort to ease initial engraving.