The whole Hague issue came out of the fact that modern smokeless military cartridges could cause such incredible damage in comparison to the old slow blackpowder loads, with expanding bullets. At closer ranges, dum dums could create hydrostatic shock, as any hunter knows, and far out damaged the old, big, slow, black powder cartridges of yore, which in any case, weren't slouches in the killing department to begin with. Arguments have been made that some nations sought to give themselves an advantage in war by banning the other guy's bullet while making exemptions for his bullet. In the end, almost the entire west decided to go with the fact hat most civilized western combatants will quit fighting after being shot with high power rifle without the bullet expanding, and decided on being humane.
The US may not have signed, but like many international agreements and precedents, the US went with the flow, and agreed on following it anyways to not damage its image and relations with the international community. You may not be legally bound by international law, but nobody wants to be an outcast either, it also would put American troops in danger in war, where opposing nations may simply execute American soldiers for using expanding ammunition. Nothing like ending the rules of civilized warfare like raising the black flag and going no mercy; show no quarter, get no quarter, and all that.
The Hague Convention also let open nations to use expanding bullets on non nations, meaning putting down rebels and savages. I've heard reports here and there of troops in certain locals using non Hague ammunition where it was legal, but then again, you hear a lot of things. Armies that issue standard non expanding ball aren't usually going to go out of their way to acquire non standard ammunition. There were many situations in which dum dums would have saved lives, that's for sure. I read somewhere about Egyptian troops being given standard FMJ bullets for .303 British that failed them against Dervishers in Sudan, and the US troops fighting against determined and drugged up Filipino rebels are fine examples of where every last bit of firepower one can get can come in handy, and why nations reserved the right to use them in certain conditions.
In any case, after the thread derailing, let's try to get back on track. Low pressure, low velocity FMJ in your older revolvers won't hurt them. However, it is true on some level that lead bullets are better for them, to what effect is hard to determine. The other case for lead bullets in older revolvers is that some of them are not of exact dimensions, and softer lead bullets will often expand into the rifling and might improve accuracy. Definitely worth the time to try .