I don't own a hornet anymore but I used to play around with downloading it when I did. I settled on the Hornady 45 gr 218 bee bullets (with a gaping hollow point) but tried a few others as well. As I recall, this bullet still gave me explosive results at lower velocities. For range shooting any number of 40-45 gr bullets should work fine.
To drive it I used bluedot shotgun powder and pistol primers. I forget the load though.
These days, I use the same components to load 223 from 1400-2500 fps. They shoot good in the 223! Very mild report too since the powder burns quickly in short barrels.
As I recall if you google "Reduced 223 " or Bluedot 223" you'll get some threads around the net that mention experiments with the Hornet.
Meanwhile, this might get you thinking a bit.
To Bee Or 223, That Is The Question (Revisited)
BE safe!