When you seat a bullet deeper, you cut down on powder space (make the case smaller, so to speak) So yes, doing so, you should be able to maintain the same velocity with a reduced powder charge. But a lot of questions come up, like what powder is being used (will a powders burning characteristics change with the "smaller case"?) What is now a safe charge?, etc... As stated by others, Accurate pressure testing by a recognized source would be needed, and besides, there are so many known target loads out there using small amounts of say Red Dot, or 231, that the savings would be miniscule.
Reduced recoil? Technically, yes. Recoil is figured by factoring the weight of the bullet, the weight of the powder charge, the velocity of the bullet, and the weight of the gun. While a powder charge a couple grains lighter, all other factors remaining the same, would result in less recoil, the difference would be mathematical only, and not something you would be able to tell by shooting.
Larry