I have a fair number of Model 10s and their precursors, the M&P dating from roughly 1910 to 1985. For hand loading 38 specials, you can do it very cheaply by simply buying a Lee Press that loads one at a time. With a 38 special set of dies plus the extra crimp die, a beam scale, primers, powder and a set of calipers, plus a good reloading book, and 158 grain 0.358 sized lead semi-wadcutter bullets plus 38 Special cases (you can pick up 500 once fired very cheaply), you can easily load the 500 rounds on a rainy day, or over a few hours spread over some nights.

I reckon, since my reloading apparatus is totally amortized, as are my 38 special cases, that it costs the following (not including your time). Powder (~5 cents), Primer (~3 cents), bullet (~6 cents). Total 14 cents per round. A lot different from the 40 cents per round for commercial. Dave_n