No...nothing "wrong" with a wadcutter in the strictest sense...right and wrong have more to do with what the "perception" of right and wrong are...and is more related to usage...full penetration VS limited penetration...long range VS short range...straight line VS the possibility of the bullets course being re-directed...mushrooming VS none at all...it all varies with the game you are hunting, the size, dangerous or not, thick skinned or not...etc.
A flat nosed bullet won't penetrate as far as a pointy one because the flat nose causes all kinds of drag...Cup and core bullets are designed to penetrate a bit, start mushrooming, dump all the energy into the central cavity and stop...mono-metal bullets are designed to penetrate as far as possible without much deformation...some of the solids could be reused for the amount of damage to them caused by the animals innards.
The big flat nosed bullet dumps velocity quickly, which also means it dumps energy quickly...something not so very good...you don't shoot animals at the muzzle so MV doesn't really mean much...what your really want is velocity/energy calculated at the range you expect to kill...wadcutters may have all kinds of energy at the muzzle but at 150-300 yds it is altogether another bucket of worms. Killing is about more than just how much the rifle kicks, how big the case is or how heavy the bullet is...you have to consider ALL the factors them pick the best bullet for the job.
The long, slightly tapered, "hollow point" I posted would punch right through an animal including an elephant or buff without deforming very much even with the hole in the nose. The slight amount of nose taper would give it an edge in penetration over a cylindrical one...plus it just looks like a bullet. It's a "truncated" nose type, meaning partly cut off...nothing more than a pointy bullet with the pointy part of the nose cut back.
Many of the bullets for DG have almost a wadcutter profile...semi-wadcutter more to the point...some are cup pointed...they are designed for max slap at close range, penetration through heavy skulls (with or without horns) and bones and thick hide and muscle and no deflection off line.
A CNC machine can make ANY shape or design almost...just depends on the ability of the code cruncher and how many axes the machine has...some of the CNC mills have up to 7 axes and can do wonders...wish I had one...
To make a round nosed bullet I have to grind/cut a cutting tool with the correct profile...not hard to do...I need to make a "rounder" for 3/16", 1/4", 5/16" and 3/8"...I've been cheating a bit using a mill corner rounder set up in a tool holder and stuck in the tool post....works great for brass and alum.
The reason you don't see too many shoot wadcutters in a rifle is the need for the bullet to go farther than 100 yds without a rainbow trajectory, but you can shoot a 38 or 9mm wadcutter in a 35 cal rifle...they are relatively low velocity and drop like a rock...some people like them for short range work or practice...lots of pros and cons. They weigh 158 gr...just about the same as a "normal" jacketed bullet and you could push them to 2000fs or a bit more depending on the "hardness" of the lead and the type of lube...so they are not just for pistols.
I saw one guy at a range shooting 38 hollow based wadcutters seated upside down in a 358 W...they really looked strange poking out of the case but was very accurate out to 75 yds at about 1800 fs MV, and that soft skirt opened up to about 5/8" OD when it hit something hard. He said they worked great on just about anything out to about 50 yards including coyote, deer, pigs, rabbits...I never tried them but might now that I have a 356 W...single load...just for kicks...something else to play with and no time to do it.
Anyway...a 350-400 gr brass bullet can be run 2500-2800 fs in the 45-120...and zip right through just about any animal with or without a point out to 150 yds opr so...beyond that the laws of physics start playing all their little games.
Luck on your projects.