Correct. Put a bullet nose down in on collimator and note the reading. Swap collimators and measure again. You'll get a reading like 50-72. Those all go into one bin, as do the 51-72s and 50-73s.
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All of the bullets in a particular grouping will have the same contact point on the seater stem and thus--assuming all the other parts of your seating process are consistent, will seat the same. Additionally, all these bullets CO will be the same distance from the rifling. This ensures maximum seating and jump/jam consistency.
If I am describing this correctly.......With 50 being the CO and 72 being the SO, a 50-72 will seat .001" differently than a 50-73, and the chamber contact will be .001" different. A 51-72 will seat the same as a 50-72, but the chamber contact will be .001" different. A 51-71 should seat the same as a 50-72 with the same chamber contact point, though the ogive is shaped different.
Good custom bullets will sort into 4-5 groupings. Berger's will have 11-13ish.
SO/CO vs BTO only matters with a LR BR rifle shooting in good to excellent conditions.