The other issue is whether .303 dies will reduce the case neck enough to grip the bullet. I would prefer to reduce it a little undersize, even if it is only a thousandth or so, and use an expander button. If you simply rely on the die alone and insert the bullet, a trivial difference in loaded neck OD can be translated into a non-trivial difference in its grip on the bullet. I think most commercial dies will do this, but it is something to watch out for.
One of the big myths we often hear about the .303 is that it was originally a black powder round. In fact it was used as a stopgap for a brief period, in the form of a single pierced pellet loaded before the case was necked, a thing obviously unsuited for the recreational shooter today. They knew perfectly well from the start that a smokeless powder would be used, and even calibrated the sights of the Lee-Metford for a luckily-guessed fifty or so more ft,/sec. than the black powder would provide.
So it isn't designed the way a black powder cartridge would be. It is true that the amount of lube is a problem, and the short neck more or less prevents the use of a card and wax "cookie" behind the bullet, as was often used in longer necked rounds. It is possible to make a bullet with a single very large lube groove, which works well in low pressure cartridges such as the 8ga and 4ga big game rifles. But I don't like the idea for this one. In the original load, even with that slow-burning pellet, the peak pressure wasn't significantly lower than with smokeless, and there is a strong likelihood that the bullet base would cant, or be irregularly deformed into that large groove. If I wanted to use black powder in a .303, I believe I would paper-patch the bullet.