Blackmoor in a Nutshell

[DungeonDevil]

When it comes to a lead slug, it's not the penetration, but the exit wound. A sword, even when wielded by a mighty-thewed Conan-type, doesn't have anywhere near the same kinetic energy. Plus early gunpowder arms were less about effectiveness in hitting ability, but noise+smoke=severe shock to the morale:

"Aaaah! They have terrible dragons which roar like thunder and belch giant clouds of smoke!! Run!!!" hock:

So, IMO, there is an unavoidable difference between Ye Olde Brodswerd and the slugthrowers.