Originally Posted by Gatofeo

From the April 1946 edition of the American Rifleman, page 18 comes the following information. The author is Edwards Brown Jr.

Cartridge Caliber .38 Special
"This ammunition is loaded with a 158 gr. bullet having a steel bullet jacket. This jacket has a .0008-inch copper plating on the outside. The cartridge case is the standard caliber .38 S&W Special product.
"... it was necessary to produce jacketed caliber .38 ammunition when reports revealed that enemy officers in the field were ruling that lead bullets were contrary to international law. This placed men so armed in danger of being shot if captured.
"I was present at Springfield Army in May of 1943 when one of the first production lots of steel-jacketed caliber .38 Special ammunition was tested.
"3,650 rounds were fired through each of two revolvers -- an S&W Victory Model and a Colt Commando. Approximately half were fired double-action ...
"Both revolvers withstood the endurance test without a malfunction. The thumbpiece screw was tightened on the S&W at 354 rounds and the side plate screw of the Colt was tightened as 912 rounds.
"These were the only adjustments necessary and a careful examination of both revolvers at the end of the test showed nothing but normal wear.
"Tests were also conducted to determine the effects that jacketed ammunition would have on misaligned cylinders and barrels.
"... 500 rounds were fired in each revolver from the cylinder that was .030 inch out of alignment, with no damage to either revolver.
"I don't think you have much to worry about in this jacketed ammunition."

The author of the above did not give powder type, charges or velocity of the above load.

I believe the 130 gr. full metal jacket load dates to the 1950s. I carried it as a U.S. Air Force Security Policeman (1974 to 1979). It was all we knew.

The March 1982 American Rifleman, page 68, notes:

The M41 130 gr. full metal jacket load is loaded to standard velocity and pressure (16,000 psi maximum and about 750 fps from a 4" barrel).
This velocity is about the minimum which will expel a bullet from a revolver bore. It is not advised to use this ammunition in pistols with barrels longer than 4", the American Rifleman notes.

The Air Force developed and issued the PGU-12/B load, which is the same 130 gr. full metal jacket bullet loaded deeply into the case.
This is a +P load and should not be used in revolvers not rated for +P.
This load delivers about 950 to 980 fps from a 4" barrel.
The Air Force was the only service to adopt and issue this PGU-12/B ammunition. The Army tested it but declined to use it because it shortened the service life of its revolvers.

Okay ... okay ... more than you wanted to know but since I found the information so easily I thought I'd pass it along.

To answer your original question, the 130 gr. full metal jacket load would be an anachronism in a World War II display.
However, finding WWII .38 Special ammo may be difficult. I have one sample in my collection, a tracer round.
Yes, tracer rounds were issued to flight crews who carried .38 Special revolvers, chiefly Navy personnel but some Army Air Corps carried them as well when 1911s were scarce early in the war.
The tracer rounds were intended chiefly for signalling, rather like a distress flare.

The .38 Special revolver is rarely used in military service today. Pity. The Smith & Wesson Combat Masterpiece Model 15 I carried was a magnificent belt gun: light, accurate, easily maintained and utterly reliable.
It was, alas, hampered by the weak loads issued to us.
If we had been allowed to carry a 150 gr. jacketed semi wadcutter at 900 to 950 fps, it would have been a much better sidearm.

There must be warehouses full of Model 15s somewhere. I hope they haven't been destroyed. They would still make an excellent weapon for government security guards, investigators and aircrews in non-combat areas.
The S&W M-15 revolver with a decently powerful load, and a handful of shotshells and tracers, would be a good survival gun -- better than the 9mm or .45 in my estimation.