Dunno, Jim. If they don't proof the cylinders, maybe it's because they figure that 4140 is adequate for the pressures involved. 4140 is superior to the old "3" series ordnance steels of the 20s.
The factory .45 acp is kept to a SAAMI maximum pressure limit of 21,000, IMO much too powerful to be sticking into C&B frames.
As you mentioned, the frames becoming stretched are the real issue with any revolver.
If the cylinders are adequately strong to withstand the pressures, half the problem is solved. The frames are another matter...but stretching from recoil impulse pulling the back half of the gun away from the barrel whild the bullet is pulling forward on the barrel...with the topstrap caught in a tug of war would suggest that the recoil impulse is the frame killer...not pressure. Even firing a SAAMI spec loading with a 255 grain bullet would stress the frame more than a 21,000psi load driving a 230 grain bullet. So, a black powder .45 Colt round could actually prove more damaging to the frame than SAAMI standard .45 ACP ammunition over the long haul...but probably not for just occasional use.
Of course, bullet material also must be factored in.
Jacketed=more friction=more intense forward drag=more tensile stress on the topstrap than a lead bullet at the same velocity and loaded to the same pressure.
Lastly, I'd also have to think that the companies who make the conversion cylinders have at least tested them in actual guns to see what the long-term effect is...or they risk personal damage and punitive lawsuits from people who get hurt using them. And...If it had been a real problem, we'd have heard about it.
Now, for the FWIW/My2% of a Cuck segment.
I don't think that it's a good idea to put the converted Cap'n'Ball revolvers to a lot of hard use with modern ammunition above .38 Special caliber. I believe it's a novelty thing with some utility that will allow limited use without issue, but could turn into one if the owner/shooter goes overboard. Other than the Rugers, they don't really hold up all that well, even with black powder and round balls. The Remington solid frame fares much better than the open-topped Colts, of course, but the conversion cylinders with backing plates and individual firing pins are...just a little sketchy for my tastes. I suppose it would be worth having one on hand just to be able to fire metallic cartridges from the gun in the event of a meltdown...if you ascribe to that line of thought...but not much else. Again...That's my feeling, and may not reflect the popular vote.
The other thing about conversions is that it's a fast'n'dirty way to beat the system for people who are legally prohibited from buying guns through legal channels...unless the laws have changed, requiring the same restrictions and paperwork for the cylinders.