I had wondered about doing something very similar. Only I thought about modifing a AIR (17 cal) rifle barrel to accept a 209 primer. I figure on using a break action air rifle. Reaming out the back of the barrel to accept the primer, and placing a homemade firing pin, in the receiver portion of the rifle, letting the air pressuse force the pin into the primer. The primer would push the pellet. I haven't dont it cause it would most likely make it a firearm and might cause me to have unwanted nighttime visitations.
It's a thought though.
One thing you might try, is fill the reamed out case with lead or cerosafe, and drilling out a 22 cal hole from the mouth to the primer. The gas expanding in even the Hornet case, before reaching the pellet, could likely cause it so slow enough to cost you 100fps.
BTW, how loud is this?