Most likely won't cycle, but there's only one way to know for sure. Load a few and try. Try heavier bullets if it don't work.
Word of caution... Be very careful with reduced loads if you've not done it before. Slower burning powders, which most rifle powders are, when loaded too far below case capacity can sometimes detonate instead of burning. That's why you're not supposed to go below the minimum charge listed in the minimum. More guns have been blown up due to too little powder than too much.