Keith;
You got it all right this time. I did calculate once sizes necessary to obtain equal sectional densities for steel comparable for lead & it was for the most part simply impractical to go to that large of shot for the given load vs game to be shot. Ballistic coefficient is of course the main factor in velocity retention but as all are spherical the BC is pretty much proportional to the SD. Obviously the reason steel has to be given a higher initial velocity is because it sheds it so much faster & we are primarily interested in retained velocity at point of contact. Muzzle velocity is of little consequence unless one is in the habit of shooting their game "At the Muzzle" of their gun. There is just no way steel is the equal of lead for shot.
