Yes it can be done, I have a 454 Casull Super Redhawk that started life as a 7 .5 inch gun, now that Jack Huntington done his magic, it sports a 2.5 inch barrel, the hammer is bobbed and a lot of other cool stuff done to it. But one other thing he did was modify the cylinder to accept moon clips. So now the gun will accept 454 Casull, 45 Colts, 45 Win Mag's with moon clips as well as 45 ACP with moon clips.
The machine work was done on the extractor and the area where the extractor sits, which does not effect the integrity of the cylinder.
As for accuracy, the 454 Casull, 45 Colts and 45 Win Mag's are extremely accurate. The 45 ACP is accurate out to about 15 yards, after that the accuracy is non existent. But the cool thing is, I can still use the 45 Win Mags with moon clips and reloading is very fast. I don't shoot many 45 ACP's, the other rounds are much more fun.
This modification was done about 2 years before the first Ruger Alaskan hit the market. I think when Ruger saw pictures of the Jack Huntington, JHR Super Streethawk as he name it, they copied it except for the cylinder modification and bobbed hammer.
mewachee, there is no down side. Also people forget the 45 Win Mag can be used with the moon clips in the 454 Casull also, I do it all the time.