At one time I was asking myself the same basic question you are trying to convey. I took mine straight to the "experts" I called Sierra and asked their tech what they found when doing load development for the .204.
First thing they told me was in their extensive testing that time after time in several different guns that H-322 at mid level ....short of their listed max was the most accurate load tested using their 32 gr. bullet and the competitors. I still have the printed response. Thus far I have used H-322 and RL-15 with great success but only with the light bullets and under max loads.
I have about 400 rds. loaded up as I type this....much to the dismay of several hundred CO prairie dogs come tomorrow morning.
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