longgun: your theory is correct. I encounted this when handloading for silhouette matches and found that the old 1/10th of a grain variation goes both ways. Some charges would drop 1/10th under and some 1/10th over, actually giving me a 2/10 grain variation and yes, it did effect point of impact.
I have thought about getting one of those newer measures that trickle, or that weigh it all out for you but my old drop measure will get me close enough so I can trickle in the difference to make my loads consistent. If I'm going to shoot pistol at close quarters and am handloading for that purpose or just to shoot up old bullets it doesn't matter to me that much. But, for anything I carry or hunt with I measure each charge. Yes, it is time consuming but I feel it gives me an accuracy edge, as well as a reassurance, that my load will perform as expected. HTH. Mikey.