It works OK, but not nearly as secure as a crimp die. Better than gluing them it with Elmers like one article I read! I do have high hopes for the 150 Grain, round nose hollow base bullet development. It is an easy answer that works in both lined and unlined bores.
If I do get serious about .38 Long Colt for my future use, the hollow base wadcutter seated 1/4" out would not ring my chimes. It may work well, but is fugly and hard to load since the bullet has a sharp 90 degree flat nose with no taper or bevel. About ever third one jams down in the case all the way. With OWBM's crimp die (that works like a LEE factory crimp die), it looks like it is no harder to load them on my LEE 4 stage turret press with auto-index, than any other load.
The 140 grain, .375" inch, heeled bullet would however ring them load and clear, and be totally awesome (if the 150 RNHB doesn't materialize).