With my 45 Colt loads with 8.0 grains of Unique, the velocity is very sensitive to the position of the powder in the case. I usually see about a 10% difference between the powder starting against the bullet vs the powder starting agains the primer. This can only get worse if you reduce the powder charges so frequently desired by the cowboy action shooters. The 45 Colt case was designed for black powder and higher energy smokeless powder just does not need the internal case volume to perform.
So, a smaller case would improve performance of lighter charges of smokeless powders.
Unique is the only powder that I have tested the position sensitivity in the 45 Colt so other powders may not show any issues. Of course, stronger loads will be more consistent as well as with high volume powders like Trail Boss.