Yes you can shoot reduced loads accurately.
I have gone down to 40 grains with the .50 and still gotten good groups.
It is interesting, as you back off on the powder you will go below the sound barrier, which you will never accomplish with a centerfire with factory ammo, or with 80 grains in the muzzleloader.
As you drop down from 80 grains, somewhere around 55 grains you will notice the big Boom, but there is no crack to it. That is when you have gone below the sound barrier and don't hear the bullet breaking the sound barrier.
Sort of a poor man's chronograph.