My reading of "alter ballistics" from reading the entire entry is that this is the
sole way to make magical bullets, BUT you can only add the limited effects under the spell..
I will link the entry so we can all see it in its entirety:
Alter Ballistics page: 51 Forbidden Arcanca
ALTER BALLISTICS
MANIPULATION SPELL, PHYSICAL
Type: P Range: T
Duration: I Drain: (F—2)
The Alter Ballistics spell is a spell unique to
the Alchemical Armorer that allows them to alter
the ballistic properties of bullets or add helpful
effects like noise reduction. This spell only
works as an alchemical preparation that uses a
bullet as the lynchpin. Bullets used as a lynchpin
may only be fired by Single Shot weapons. The
preparation must be activated before it is fired
or the lynchpin will be destroyed by firing the
bullet. When using a command trigger, a character
may choose to activate a single preparation
normally (with a Simple Action) or any number
of bullets (including all of them) at a time with
a Complex Action. When activated, the preparation
lasts for a number of minutes equal to
the Force of the preparation. When crafting the
lynchpin, the character must specify and make
a record of the effects they would like the bullet
to have, in order, from most desired to least
desired. When preparation is activated, each
net hit will add the listed properties to the bullet
in the specified order until net hits or the list of
chosen effects is exhausted.
LIST OF EFFECTS
1. Double weapon range (changing all categories
of range modifiers).
2. –4 dice pool modifier to Perception tests to
notice gunfire.
3. +1 Accuracy.
4. Deformation Resistance: –2 AP, –1 DV. Deformation-
resistant bullets do not deform when fired
or upon impact, which inflicts a –4 dice pool penalty
to any Armorer tests to identify the weapon that
fired the bullet. Cannot be used with hollow-point
ammunition.
5. Increased Deformation: +2 AP, +1 DV. Cannot
be used with APDS.
6. Astral signature fade time reduced by 50
percent.
7. Impact Dispersion: Reduces the Physical limit
of a character by 2 when comparing it to the DV to
determine knockdown.
8. Frangible: Treat any barrier the ammo hits as if
its Armor were twice normal.
So using this option, will make a magical bullet that can do any of the things from the list, but it makes no mention of adding an additional spell or effect beyond those in the list.
Now, a claim has been made that using effect "Deformation resistance" would allow an bullet to be made into a linchpin for another spell... I don't think so.
"Deformation resistance" is an after effect, of the spell "Alter Ballistics", the same way a ball of fire is the after effect of a Fireball spell...
And All "Deformation resistance" does it change the ammo quality of the ammo used in a weapon (with some limitations).
For example:
I have a Super Warhawk pistol: ( 5ACC 9p -2 ap, SS, 6cy)
and I have Hollow Points loaded. (+1p +2ap)
so my gun stats are now 5ACC 10p, 0AP, SS 6cy.
I could turn those hollow points into lynchpins.... and choose the effects i want (in order, using numbers) 1, 2, 3, 5.... then when I cast this alter ballistics spell I not my successes. (lets say 2), I then get 1 and 2 effects.
I have double the range, and -4 to perception test to notice gunfire.
If I have gotten 3 successes, then I would also have gotten +1 Accuracy.
I am going to point back to FA, this time page 198
NEW ALCHEMICAL
PREPARATIONS
Alchemical preparations are spells that rely on
a physical conduit, called the lynchpin, to channel
mana from the astral to the physical realm to
activate them. Lynchpins are the weak spot in
any alchemical preparation, as even the slightest
damage to them will render the entire preparation
inoperable. They can take many forms, from
arcane writing on paper to the severed hand of
a murderer mystically imbued with power. Tradition
and imagination are the limit when it comes
to alchemically preparing a vessel for a spell.
Rules for purchasing preparations follows the
same outline as buying compounds (p. 194), namely
that they are hard to find—in fact, even more so
because of the shorter lifespan. The base price is
[(Force of spell involved) + (Current Potency)] x
500¥. Base availability for all preparations is 14R.
Again it points out that so much as a single scratch to the lynchpin is enough to destroy it.
One of the greatest inventions in firearm tech was the rifled barrel. It is with the rifled barrel that accuracy is achieved at any degree of range, for it is the twisting action of the round as it flies through the air the limits air resistance and cross drag, thus increasing the round's direct flight.
For that to happen, you need a metal on metal contact to spin the bullet as it travels down thee barrel, Gun barrels are made of very hard metals. Bullets are designed to transfer their kinetic energy to a target, to do this effectively, they have to deform (you have to increase the surface area at the point of contact). Bullets, by their very nature, are made of softer material then rifle barrels. When 2 materials of different strengths are forced against each other, the lesser material is scraped. - and a lynchpin would be destroyed.
If the materials are of equal strength, they bind (Barrel jam!). If you have ever tried to clear even a lead nose round from a barrel, you know how hard this. A Copper Jacket is even worse.... With Steel Jacketed, its almost easier to just replace the barrel.
But that's just my opinion.
As to capsule rounds. No opinion given.