I always do bore sighting using the "bolt pulled" method, but as I am a "cheap scape" .....I always make my initial shots at 100 yards using a 11x17" target paper, and never have an issue with missed shots! It's a very accurate method, with smaller bore rifles, a bit more difficult when the bore gets larger than 3/8". If you're concerned with missing at 100 with the initial shot.....place a large piece of freezer paper behind your target. That should capture any errant shots.
The only time I've gone less than 100, is when I'm shooting a lever action, and the bolt is somewhat difficult or impractical to remove. Recently, I did just that at 50 yards. Almost missed my freezer paper.....probably should have started @ 25 yards!
memtb
Thanks memtb, for saving me typing as this is EXACTLY what I do. For any that doubt their ability to get on paper via a 100 yard "compare the bore picture to scope picture" method, feel free to back up to 25 or 50, as has been suggested. But, I am rarely more than 6" from POI at 100 yards when I just do it there, with a very steady bench rest. I'm usually closer to 3" or less.
I do this because it is the most economical way to get sighted in with a new rifle, (especially if I've mounted a known-good scope on it) as I am combining load development with sighting in. When the first round lands, for example 5" low and 2" right, I shoot the other rounds in that loading step, record the velocity, make the estimated scope adjustment, shoot the next rounds in the work-up step, record the velocity, fine tune the sight-in, shoot the next step...etc.
If it's a known rifle with a load already worked up, and just a new scope installed, well, THEN, I might use some cheap bullets for the first 4-5 rounds, but from then it's sight in with the known hunting load, and confirm the scope is good (They are not all good - be prepared for this. That's one good reason to use a KNOWN good load to sight in a new scope.)
BTW, I have found, in the rifles I have tried them in, that Speer HotCors are a good analog to the corresponding Nosler partitions in the "cheap bullets" department. That might not be true for all calibers and weights but the ones I have tried have been good. Just about the same velocity and POI for a given powder charge between the two. There are probably other good cheap stand-ins for other more expensive bullets, but I don't know them.
Regards,
Rex