Roland & Jeff are both right -- it depends.
Larry Bartholome, along with Dr. Oehler (of chronograph fame) tested a lot of bullets at 1,000 yards, using the then-new Oehler 43 with an acoustic target. That let them plot not only velocity, but time-of-flight. And that, when you think it over, let them plot velocity loss to target, caused by differing drag (B.C.)
Dave Tooley passed the raw data on to me, and Dave himself bought a model 43 and did further testing.
OK. There were bullets out there where B.C. (drag) varied from, say, .600 to .620. And that's worth 4 inches at 1,000 yards. In other words, the Model 43 lets you plot Standard Deviation and Extreme Spread for bullets, along with SD and ES for velocity.
Now from the data, the bullets with the lowest SD and ES for drag were plastic tipped bullets, like the A-max. That led Dave to start putting plastic tips in other bullets to tst the effect, and to eventually come up with the meplat trimmer -- tipping bullets, while the theoretically best solution, is a lot of work, and hard to do for those that don't have a very accurate lathe, collets, etc.
And the empirical data fits the theoretical model -- after weight, nose shape is the next most important factor in ballistic coefficient (drag). If your bullets have a consistent nose shape, there isn't all that much to gain by either trimming or pointing bullets. If the tips do vary, you're adding up to 3-4 inches to your group size at 1,000 yards.
Does the "increased B.C." from re-pointing bullets matter? Well, you're shooting at a known distance, so not for drop. Sure the re-pointed bullets hit higher. So what. Turn the sight up another click. As for wind drift, yes, lower drag helps here, too, just not as much as with drop. But it is a small amount, probably only significant if you always put the sight in the center of the bull & press the trigger, never trying to hold off for wind. Skll in holding off would be a far larger factor.
So, if you're wedded to bullets with a ragged nose shape, meplat trimming and repointing are worthwhile. If you shoot very good bullets (I don't mean brand name here), there is a very small gain offered by trimming and repointing, which should be way down on your list of "things that are important."
I actually do trim & re-point for 200 yard benchrest score shooting. I figure it's worth one more X (X-ring at 200 yards is a .125 inch dot) out of about 25 shots. And it's something to do while watching reruns on TV...
FWIW