Some more to add to the discussion, copied and pasted from Gateway to Airguns, from Miles Morris (R Sterne referred to him in that last copy/past I did. I understand he is a ballistician that works with missiles in the UK?).
He added these thoughts after Mr. Sternes comment, that I copy/pasted up the discussion a bit.
"In the world of large calibre ballistics we stopped using BCs sixty odd years ago, as soon as primitive computers could calculate simple trajectories based on using the drag only. The reasons for the move away from BCs was that to achieve the accuracy needed in calculating trajectories you needed a large number of BC values for each speed the shell passed through. As a result the trials that had been used to obtain the BCs were used instead to produce design specific drag laws. Recently the small arms industry has made the miraculous discovery that they can improve long range predictions by using drag laws rather than BCs. Having dealt with the small arms industry I am not surprised it took them about fifty years to catch up.
Unfortunately the airgun ammunition industry seems to still be clinging to BCs. To be fair to both the small arms and the airgun ammunition industries part of the reason for not changing probably lies in the acceptance of anything different by shooters, many of whom seem to be conservative in their approach to anything new. With airguns, certainly in the past, ranges have been relatively small so the short comings of BCs did not make a huge difference in the calculations. As ranges grow however then different approaches will be needed and even the use of a purpose drag law may not be sufficient.
It is perfectly possible that two projectiles with the same BC can behave differently and have different wind responces. This is due to the reference drag law being for a projectile of a different shape to the ones being fired and hence introducing errors in the calculations.
The use of small radars enables drag laws to be produced just as easily as BCs. It requires a slightly different approach but it is no more difficult and the resulting data should give better predictions at long ranges. The biggest source of errors will be poor experimental technique and inadequate instrumentation which also affect measured BCs. Just assume you have to measure everything and you won't be far wrong. However again, at many airgun ranges, the errors from performing a rough basic ballistic test will not be that great.
As for Reynolds number, yes it is something to be aware of, but don't over estimate its importance. I have only once come across trial results which showed a significant reynolds number effect. That was on a small (14.5mm) calibre projectile doing around 300 ft/sec. You also do not always want smooth laminar flow, sometimes turbulent flow will give a lower drag. The problem with normal sized pellets (.25 and below) is that they have Reynolds numbers of a very awkward value.
There is a great deal more which can be said about BCs, drag laws, Reynolds numbers, prediction methods, aerodynamic coefficients etc. but it would probably be more information than most shooters want or need."