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That's a yes and a no.
You can use any bullet you like, as long as you only have one in that tube. That makes your M94 a two-shooter. And assuming your bullet feeds properly, which can be problematic in a lever gun. I tried a few loads with Ballistic Tips in my own M94, only to learn to my chagrin that they wouldn't feed from the magazine, nor would they eject if unfired!
There is also some disagreement about whether that whole "no pointed bullets in a tube magazine" rule is valid at all! At least one experimenter was unable to get rounds in the tube to go off until he used FMJ bullets, and even then he had to pound the butt on the ground because normal recoil wouldn't do it. And when they DID go off, there was no giant Ka-Blooie. Rounds in the tube aren't held in a tight chamber, so what happened was that the case ruptured, the powder burned in a slow POP-fizzzzzzz and the worst result was a real mess in the tube.
Lastly, unless you can't get the right bullets, there's little point in it (pun unavoidable). Your ballistics aren't much better, and it's a 225-yard round at best anyway. The advantages of pointy versus blunt don't really begin to appear until past 250.
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