Not to high hack here, but there are a couple of issues regarding "keyholing" I would comment upon without claiming any particular degree of correctness in my hypothesis:
1) key holing at 5 yards in a defense snubbie may be advantageous in a 'belly gun'...
2) a few years ago I spent considerable time & effort trying to develop a satisfactory load for a Marlin 45-70. Despite meticulous research and application of proper recipes and assembly protocols, 50 yard accuracy was miserable with cast boolits regardless of a variety of powders, charges and 350-375-405-450 grain cast lead. On the other hand, it was sheer music the sound a 405 grain slug could generate smiting a 1/2" plywood backer and leave a perfectly outlined profile of the slug.
Never resolved that issue, but turning to factory jacketed ammo yield 2" groups at the same range. Buddies tried to convince that not enough velocity to stabilize was somehow responsible, but all of the loads were within published specs.
Not that this solves your question much.
In using 147g DEWC and 148 g WC in a variety of 38 loads & guns, I've never had any do what you describe, regardless of which end was mounted forward....but none of them were HBWC either. If we read up a little more on what Skeeter had to say in more depth, perhaps he discussed this issue.