The handbook that came with my lyman lists the maximum loads for all guns manufactured by investarm. The hawken may be different but this gives you a starting point.
for .45 rifle (.440 round ball with 80 grains FF or 55 FFF)
(265 grain maxi ball, 60grs FF or 50 grs FFF)
for .50 rifle (.490 round ball, 90 grs FF or 70 grs FFF)
(370 gr maxi ball, 80grs FF or 60 grs FFF)
for .54 rifle (.530 round ball, 100grs FF or 80 grs FFF)
(405 gr maxi ball, 90 grs FF or 70 grs FFF)
So judging by that, the .54 can take a good bit heavier load than the .50. And while I'm just getting started into black powder, from what I've seen the difference in cost is pretty much negligable.
I'm no big hunter either, but it seems like since your using a soft projectile (ball or maxi ball) your relying more on it packing a lot of punch than you are on penetration, so the heavier load is definitely the way to go. You can't rely on velocity cause the thing will flatten out big time when it hits. Hitting the right spot is the most important thing though.
The flip side is if your gonna use sabots. They all seem to be in the same range of 250 grains or so and are designed to perform like a modern bullet giving a good compromise between penetration and expansion. So if your planning on them, its more a matter of whats more eaily found, .50 or .54. The bullet inside it is going to be the same either way.
Hope that helps, and that the experienced guys will correct me if I'm wrong.