Randy,
I'd still like to know what type of shooting you're doing with this rifle?
The first thing I'll say is what follows are just my thoughts and suggestions. You'll need to weight these against other opinions and decide where you want to go. YMMV
In a grease groove bullet you would need a bullet with the first two, maybe three, bands reduced to fit your bore. Anything else will have to be seated very deep in the case as you know.
I am assuming a muzzle velocity of about 1300 fps. Which shouldn't be a problem with a bullet that you can seat out a properly.
Whether you are shooting GG or PP that 1.420" length is too long for your 16-twist. It can shoot well in constant and stable conditions, but will get beat up pretty badly if there are any winds blowing and especially any head and/or tails winds gusting. You're not going to like this, but you would be much better served with a bullet at 1.325" long. The Snover would do well out to 600 or so unless you're up against some real nasty headwinds. You would need a 14.5-twist with that length. The length to twist thing is where many shooters go wrong.
A 2-diameter paper patch bullet could work pretty well for you if it fits your rifle correctly. I worked with a friend on his .45-90 that had a similar chamber, but I believe he had a little bit of freebore and you do not.
The hard part here is deciding how deep you can or want to seat a 2-D PPB. People seem to get a bit squeamish about seating PPB very shallow, but it works very well for me. Assuming that these are target loads your looking for, seating shallow should not be a problem. If they are hunting loads the design would be best if it allowed for deeper seating, .300-.400". That two depends some on bullet design.
If you use a 2-D PPB your brass needs to be just short enough to chamber, too short will cause problems that you don't need.
For target work your 2-D PPB should be no more than .125" in the case. I seat my 2-D PPB only .075" deep in my .40-65 and it is a 1 MOA rifle at 200 yards and shoots very well to 600 yards. Bullet fit is the main reason for it shooting as well as it does, but I believe shallow seating also helps.
You're not going to get much of the groove diameter portion out of the case, but let's assume .030" and maybe another .030" that you can cam into the rifling just closing the block. That portion should patch to .409-.410". It should be a snug fit in your unfired case.
Figuring .060" of the groove diameter portion out of the case and .125" in the case you would want it to be .185" long at .403-.404" diameter as cast, plus the transition length that should match the lead angle of your rifling. In my .40-65 2-D PPB I have just a step here and that works a bit better with rifles that don't have a lot of camming ability like my C. Sharp 1875.
Then the bore diameter portion should go from the transition to the start of the ogive and be .400" patched diameter. That means .3935 to .394" diameter as cast. This is the most critical diameter as cast because it gets complicated to size. The groove diameter is easy to size after patching if necessary. I size all my paper patch bullet including my 2-D PPB.
The nose style is totally up to you. I will say that the longer more slender nose shapes like the money require more spin than a more blunt design for the same length. I have found the more blunt designs to be easier to get excellent accuracy with and you can push the length somewhat more with them.
I could draw up 3 designs that you could look at, but it wouldn't before next week. Then we could discuss the merits of each design and you can go with whatever you believe would be best for you.
This my .40-65 2-D bullet.
This is a recent group I shot with that bullet in my scoped 1875.
These will repeat almost every time.