Yes, I've played with that and tried making special fixtures to keep the bullet shank cool, all to no avail. It is easy to soften the nose by this method, but the sudden cooling reheat treats the bullet, so it hardens back up withing 24 hours just as when water dropping or oven heat treating. The nose will get as hard as the heat treated bullets, but enough hardness returns that I find it not worth the effort. I find it far easier and better to just tune the hardness of my rifle bullets to 14 to 16 bhn, then drive them fast as I can, which will be around 2450 fps with excellent accuracy and no leading, when using LBT lube. These will expand out to very good ranges if the bullet has a good BC, as with the LBT SP.8, which isn't in my website listing, but is available in many calibers and any weight for the asking. Much more streamlined than the listed SP bullets.
If one uses an alloy harder than 16 bhn, the bullets will break up rather than expand. But, if 14 to 16 bhn is obtained with antimony content at the minimum possible to obtain that hardness, expansion and weight retention will be excellent. About 1/3 ww with 1% tin, diluted with 2/3 plain lead works well when water dropping. (1 part WW+tin to 2 parts soft lead.)