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If you're going to shoot 600 to 1000 yards it can make a difference. 300 yards and less it would be hard to justify.
I use a hoover (accuracyone) unit. i love it
Good info here Whidden Bullet Pointing Die System
you can get the whidden or hoover both will d a great job.
Tipping has a more profound effect on the smaller caliber bullets than the larger ones. I don't think I would bother doing it on anything 30 cal or larger.
Theoretically it improves the BC. As mentioned above useful beyond 600 yards. When preparing loads for LR I will meplat and point the bullets as well as sort by base to ogive. Kind of a PITA but eliminates a few variables. I shoot a lot of Berger's and their meplats can be sloppy and trimming and pointing cleans them up. When 140 gr. 6.5 Berger's became unavailable I switched to Scenars. Excellent bullets and although the meplats are fairly uniform I would point them to reduce the diameter of the HP.