RK, I haven't fired my P-38 in about 15 years, but as I recall it would feed even EMPTY CASES ! The problem is that it is like most P-38's... they are like lightning... they don't strike twice in the same place if you are trying to punch bullseyes with them...
I would carry one for personal defense, but only for situations that might occur inside a room... I hold out no hope of ever pinning someone down with a P-38 at a distance like 30 or 40 meters. The single action trigger is lousy on a P-38. And unless the first double action shot is practiced A LOT, it won't be real close to what you want to hit at a distance because of the long trigger pull... at least for me.
For serious work like hitting something at a distance I would need a trusty .45 1911A1 (or a Luger). When the occasion calls for it, I carry a Colt Combat Commander.
I don't own a P-35 anymore. Used to own a commercial one with a tangent rear sight. It was darn accurate and would feed and shoot almost anything I could put in the magazine.
Sold it about 30 years ago because the rear sight was not conducive to good carry under a jacket because the sharp edges of the tangent rear sight would snag... it didn't have a shoulder stock cut anyway...
BTW, did I mention that I really like P-38's... I just don't like to shoot them much.