There have been a number of discussions about this over the years. Here's one thread to check out:
http://slinging.org/forum/YaBB.pl?num=1237337168Have you considered buying an egg slip sinker mold? They make them in many sizes and it seems that 1 1/2 or 2 oz might be best for slinging - and closest to what seems to be the ancient standard. In the US, you can get them from Cabelas or Bass Pro for about $34.95 and on eBay. You can also buy 100 finished sinkers on eBay for about $22 to $25 delivered (within the US)! The egg slip style is a perfect football shape. Cannonball sinkers are round and work well, too, and you can buy either the molds or the finished product for not too much.
The start to finish process of molding sinkers (or bullets) is kind of involved and a little bit dangerous for the high temperatures and fumes. Unless you really need a ton of lead sling projectiles, it might make the most sense to just buy them from one of the eBay suppliers.