I've not used 4227 so I can't comment to that directly, I do use H110 and seat to the lower cannalure, but I've found little difference in statistical accuracy when seating to either depth using three different bullets and three different loads. A year ago I would have thought there was a difference, but today I'd be hard pressed to say there actually is.
For a plinking load I would suggest using 7-8 grains of Blue Dot and a 200 grain cast bullet. This load will give circa 825 fps, is quite, cheap and very accurate. My rifle will put ten shots into 1 1/4" at 50 yards all day, this is the load I use for practicing off hand shooting from my 44.
For a heavier load try out a 250-270 grain cast bullet and 25-26 grains of 1680. I use a bullet from a Lee 310 mold I modified. This load should give over 1400 fps and will shoot as well as the previous load.
21 grains of H110 drives the Hornady 300 XTP to 1525 fps from my rifle. It is a very accurate load, but I doubt it will kill any better than a cast bullet will at 44 Mag velocities, therefore, I've bought my last box of jacketed bullets. Good luck, and enjoy that 44, it is a great chambering for the Handi.
