Max power.
Alloy hardness not over 16 bhn with the lowest antimony content possible to acheave that hardness. ie. about 1/3 ww to 2/3 soft lead, water dropped. This will give enough ductility to keep the lead mushroom from breaking off.
Widest nose your gun will feed, with enough bullet weight to keep the chopping action going till it gets through the 2X4
Hollow point it with a 60 degree included angle champher drill. You'll probably have to to this operation in a lathe. (The common straight hole hollow point form plugs with wood which will not give the hydrolic pressure reqired to induce expansion, as when they hit flesh, which liquifies and filled the cavity. A wide mouth tapered hp, as descrived above, will open easily with wood.)