A few things about wadcutters in broad strokes...
Wadcutters cut a nice round hole in a paper target (hence the name) that's easy to score in competition, and being non-jacketed they are relatively inexpensive. A nice combo for target shooters and competitors.
In addition to the 'regular' wadcutter, the semi-wadcutter (SWC) is common and adds a 'cone' to the front of the bullet to make them feed more reliably in semi-autos while still making a clean hole in the target. Both bullet profiles can also make for a good hunting bullet due to the full-diameter splat-factor of the wadcutter's shoulder. The key here is selecting the correct bullet hardness for the task. Wadcutters can be swaged (die-formed) or cast. Swaged bullets are generally softer, but cast bullets can be soft or hard depending on the alloy used.
A common target style is the hollow-base wadcutter (HBWC). The hollow/concave base of the bullet is intended to obdurate in the bore to create a gas seal, consistent pressure, and better accuracy. Be careful with these and keep the velocity according to the book. Driving a HBWC intended for .38 Special target loads to .357 Mag velocities can over-obdurate the base and cause excessive pressure and leading.
The rule-of-thumb for lead bullets is keeping the velocity below 1,000-fps. Hard cast or gas-checked bullets can be driven faster, but if you don't know what you have, start slow. HBWC bullets should be even slower. Without book data for reference I'd start them at 750-fps and evaluate from there.
