I never understood the benches either. Can you break down, say, one size of shotgun ammo and make another size from the breakdown?
As long as you have the proper casing yes..
A 20 gauge shotgun shot round can be broken into these components.
1 20 gauge casing.
1 shotgun primer.
# pistol powder.
# lead.
If you find a bunch of them and break them down, then have 12 gauge casings from shots you've fired.
You can use all but the components to reload your 12 gauge rounds.
This makes the late game shotguns easy to reload, as by the time you find a 12 guage one, you'll have tons of 20 gauge rounds to convert to 12 gauge free of charge.
Pistol rounds for the 9mm, and 357 are interchangable as well, and shotgun shot rounds will also provide pistol powder and lead for them.
10mm, 12.7, and .44 again are interchangeable entirely apart from casings, and can use the same powder as small pistol rounds and shotgun rounds.
5.56 and 5mm are interchangable apart from casings.
.308 and 50.70 are interchangeable, and can also use the powder and lead from the 5.56, and 5mm rounds.