Your assumptions are correct. In order for a boattail reduce drag, the angle of the tail can't be too great or the air is peeled off its surface rather than following its slope so its drag is as great as a flat base. McCoy's Modern Exterior Ballistics has a plot of the effect, and IIRC, it peaks at about 7.5°, where it is close enough to the 9° number the military settled on for the 172-grain M1 Ball bullet back in the early 1920s, which is a compromise between best drag and how long the boattail has to be to cut the base area significantly. About the steepest boattail is the 13° boattail on some MatchKing bullets, like the 30 cal 168-grain bullet, but that is intended to help get the bullet to go to sleep (damp out initial yaw) faster to improve accuracy at shorter ranges. It's not good at long ranges, where it can cause overcorrection that results in tumbling.
The bevel bases on cast pistol bullets I have are at close to 30°, so that will just behave like a flat base for drag. But even if the angle was right, the improvement in BC would be small because it would decrease such a small percentage of total drag on the relatively blunt pistol bullet.