I have tried Lee Liquid Alox alone on some 41 Long Colt bullets and on some 50cal muzzle loading hollow-base minie balls. Both were with black powder. Neither one had any leading, but neither one had any accuracy, either. The Alox did nothing to keep the BP fouling soft. When you get hard fouling, the next soft lead bullet will deform and not be accurate.
I put BP lube on top of the liquid Alox and get good results from that.