Using less than a max load of 2400 from an old manual (at +P pressures), I ran some hardcast 195-grain bullets through a number of my guns out of my 1 7/8" snubs at 845 fps with 2400 (5950' above sea level, 60% humidity, 74°F):
Model 36 1 7/8" barrel: M 844.2/ES 35.83/SD 12.72
Det. Spl. 2 1/8" barrel: M 871.2/ES 28.29/SD 13.49
Model 36-1 3" barrel: M 941.0/ES 32.50/SD 15.79
Model 15 4" barrel: M 973.2/ES 16.65/SD 6.32
Model 14-3 6" barrel: M 1030/ES 22.02/SD 9.53
I noted a couple of things of interest. The rounds all grouped at around 1" to 1.5" at 30 feet (the target guns showed much better potential than the belly guns). A great deal of 2400 did not burn and scattered all over the place. This was most evident with the snub Chiefs Special, but was somewhat evident at the bench with every gun except (for some reason) the Detective Special. When I went to retrieve my chronograph (ten feet out), I found that there were flakes of 2400 liberally sprinkled all over it - I've not seen this before.
As a comparison, here are some data for Blue Dot (max charge) using the same bullet (at the same range):
temp 37-50°F
Model 38-2 1 7/8" barrel: M 765.6/ES38.60/SD 14.89
Model 36-1 3" barrel: M 834.9/ES 83.14/SD 39.35
temp 43°F
Model 14-3 6" barrel: M 855.4/ES 90.39/SD 40.63
I feel like the 2400 rounds give me what I wanted - I would feel okay carrying this load in a .38 snub should I want the ability for real penetration (say, if I were carrying it on a hike up Bear Canyon), though there are certainly other rounds that would work much better. Still, it's always nice to have pinned down another aspect of the ever-versatile .38 Special. I'm not interested in the commercial loads with overly heavy bullets, but I think that a handloader can craft some specialized .38 rounds with them.