Of course it will *fit* physically, it's just a little longer .45 Colt.
But the SRH with 6 shots is IMO the absolute limit of cylinder wall thinness permitted for the .454's pressures. We all agree that an N-frame's cylinder is SMALLER in diameter than a Redhawk's, yes?
S&W N-frames in .44 Mag do not particulary like a steady diet of 65,000 PSI loads. I submit that chambered in .454, they would be even less happy.
I say this from having fired well over 100,000 rounds of .44 magnum ammo in the last 32 years, 95% of it at factory power levels or greater, and having bought the Super Vel ballistics lab (including pressure gun) in 1976 when that company went out of business.
I realize you are proposing that new materials and processes might make this possible, but such a gun would not have the safety margin that I want in a 65,000 psi working pressure gun.
If more power than a .44 in a 3-lb. DA gun is what you want, I would MUCH rather see S&W build a scandium frame .500 with a 5" barrel and their regular stainless cylinder. They might even get close to 3 lbs. with a steel frame and just a scandium barrel shroud of a thin contour.
Doing the math, a 450 at 1500 out of a 48 ounce 5" .500 is the same recoil velocity as a 320 at 1200 out of a 329, and that's tolerable with the right grips. 450 at 1500 beats anything the 454 has to offer.
IMO the 500 is light-years ahead of the .454 because the case capacity is so much bigger, especially in that 2.3" cylinder. You can get huge energy at half the pressure of the .454. This is not theory--I'm doing a LOT of development work with the .500. The more I work with it, the more amazed I get.
JR