found something interesting. Its a formula for determining penetration in wetpack by meplat. weight in grains divided by 7000 times velocity divided by meplat in thousands of an inch divided by 5. It seems to be somewhat accurate for pistol velocity type bullets. answers the question of velocity vs mass a little better.
example 740gr slug 1350fps .4 meplat vs 980gr slug 1175fps .4 meplat
740/7000 = .1057 * 1350= 142.71 / .4 356.7 / 5 = 71 inches of penetration in wetpack
980/7000 = .14 * 1200 = 168 / .4 = 420 / 5 = 84 inches of penetration in wetpack.