Yes. I have my M-60-4 often loaded with Speer Gold Dot 125's, and used the same in a M-60-7 that I wish that I hadn't had to sell. I plan to replace it, and use either these 125's or the lead 158 grain HP's.
The 125's are easier to find here, and the Speer ones or their Short Barrel 135 grain loads are excellent. If you may have to shoot a large animal with a snub .38, the 158 grain lead Plus P bullets will penetrate better. On men, it probably doesn't matter as much, and these bullets often do expand.
I called the S&W factory several years ago, and was told that any M-60 dashed 4 or higher IS warranted for use with Plus P ammo. That said, I wouldn't use it routinely for target shooting. But for occasional familiarity use and defense, no problem.
BTW, that Speer Gold Dot load shoots in my M-60-4 like the gun was a target model!
T-Star