Hi Leon,
H4227 (and IMR- too, for that matter) have long been found to be especially nice for loads with heavy cast bullets, even in calibers where it is typically thought of as too slow for. I seem to recall that 4227 has a lower flame temperature, and the nature of it's tubular shape both contributed to making it a particularly cast-bullet-friendly powder.
By extension, you're logical thoughts seem good, but recall that powders can be very particular, even though they are similar in burning rate. For example, H-110 (W-296) can be very touchy with reduced loads, and this is why both Winchester and Hodgdon caution against reducing the loads very far. This powder can only be used with near-max loads.
2400 is also a good powder for cast bullets, and it is certainly applicable to heavy loads in the 38 Spl., but you should really check out good resources for guidance. Skeeter Skelton used to recommend a heavy load with 2400 in the 38 Spl. case, but he used Lyman cast bullet 358156, which has two crimp grooves. He seated the bullets "long" in the lower crimp groove with this load. This resulted in two things: 1. It gave more room in the powder chamber of the case, which eases pressures, and 2. It made the cartridges so long that they'd only fit in 357s, so there was no chance of shooting these near-magnum loads in a weaker 38. He did this because 357 brass was "scarce," but I think he did it because 357 brass was three times more expensive as 38s. (Not criticizing, I'm cheap too!)
I've not tried Lil'gun in the 38 or 357, but I've heard the same description from others, that it gives higher velocities at lower pressures. I think this is somewhat cartridge-specific as far as the degree of benefit you get in this regard.
Keep in mind that ball powders can be very sensitive to too low of a load density. The ballisticians I know say to never go below 75% loading density with a ball powder. You have to compare what a safe max load is to how full the ball powder fills the case. If the max load only gets you to 50% case capacity, you probably shouldn't use the ball powder. You'll get erratic ignition or worse of all (usually seen in rifles) secondary explosive effect (S.E.E.), wherein the powder all gets lit at once, rather than progressively, and results in a severe over-pressure situation.
Are you planning on using cast or jacketed bullets?