So Lipstick is the secret. Following Gman and Waco, I took some 45-270 SAA penta HP bullets from the last batch that was shooting a foot and a half group at 75 yards, pushed them through a .451" sizer, and powder coated them. For good measure, after coating I sized and lubed them .452" exactly as before, and loaded them in the same Winchester brass, with the same 6.5 grains of Universal, with the same die settings. Only difference was age of bullets (BHN about the same) and the addition of powder coating.
Shot a 4" 15-shot group with two flyers which I called (just shooting across my range bag with both hands on the rifle). Would have been 2.5" without the flyers. Since I was shooting at a 3" square Post-it note and can barely see the front bead, I thought that was pretty dang good and the limiting factor is now ME. I'm starting to wish there was a way to mount a scope on this rifle so I could continue this investigation with the sighting variable reduced.
Now the question is WHY????
All I did differently was PC the bullets, and with them being soft alloy the bases got pretty rounded and dinged up. As a further disadvantage, since I didn't really think this was going to work, I pulled 30 bullets from my cull pile that had some slightly frosted bands, some voids in the HP cavity, and some other minor defects.
Another observation shooting the PC'd and lubed bullets is the lube star. It's not a star, it's a bell, sticking about 1/16" out past the crown. This is an SL-68 blend lube with several very similar experiments melted together, so it's soft, doesn't smoke, and normally leaves nothing but a little dark grey coloration on the crown, no grease, no thick accumulation. The lube on these powder coated bullets is behaving like there's a heavy card wad behind the bullet, making 100% obturation of the bore.