I strongly recommend that you purchase my book "Jacketed Performance with Cast bullets' so you have answers for all the questions you asked and many more, all in one little booklet.
However, a brief answer would be. Wheel weights with their low alloy content will perform well in all magnum revolvers, all auto loading handguns which I'm aware of, at full throttel, and in rifle loads with speeds to 2600 fps. All the above with water drop hardening, and use of LBT bullet lubricant. Use any other lubricant and the above statement doesn't apply.
Water dropping will produce a hardness of 20 bhn or higher in about 24 hours after the quench.
The LBT hardness tester measures hardness only, which is all that any hardness tester can measure. The lowly wheel weight metal can be made to reach hardness up to 30 bhn, and if air cooled comes out at around 12 bhn, after a two week hardening time. (called hardening cycle)