Went out a few days ago to try my newly acquired SP101. Bullet is 117 grain Ranch Dog 32/20 which is my favorite plinking bullet in all kinds of rifles. I used 3.2 and 3.8 grains of Red Dot and 8 grains of Blue Dot to give me a nice spread of velocities. HUGE velocity variances with each load, though they shot tin cans better than you'd expect from those velocity variations (sd's of 45 or more!). Have you chrono'd your HP 38 load Brad?
Also was interested to see that velocities of the Red Dot were way under the "QuickLoad" predicted velocities (like 150 fps) but the Blue Dot velocities were very close to predicted. Red Dot averaged 790 fps for the 3.2, 880 for the 3.8, and 8 grains of Blue Dot gave 1230 fps out of the 4" SP101. But as I say, those were the averages but the spreads were horrible. Gonna' be a fun shooter but I have some more load playing around to do.