Actually... the 1898 .38 S&W 'Special' and the 1907 .44 S&W 'Special' were designed for smokeless - but could still be made with bp, thus their 'Special' nature. Their longer cases than their predecessors, the .38 S&W and the .44 Russian, prevented the possibly higher pressure rounds being inserted in the older caliber (bp) designed firearms.
Historically, the 1911's .45 ACP round has been used in revolvers since 1917 - nearly two decades before the .357 Magnum was developed.
I would look at the .45 ACP in a revolver as a great way to get a big bore that is frugal, both in cost and recoil. Sure, my 2.5+yr old 625JM is finicky about brass - use range droppings and you'll likely get ftf's. Buy 500 or 1,000 Starline .45 ACP brass (1,000 are $130 delivered from Starline) and use them with your revolver. I used Fed primers - and have reduced Wolff spings in mine - and no ftf's. I have a bunch of loaded range sweepings to shoot when I want to play primer roulette. Buy plenty of moonclips - toss them if they get bent. Keep the under-the-ejector-star area clean.
I load .45 AR's, too - you'll need a thick rimmed acceptable shellholder designed for the .45 AR's - not a .45 Colt. Speaking of .45 Colts, keep those bullets handy... the 625 couldn't care less about relative power level (within reason), bullet type/style,or OAL. I load 255gr LSWC to above SAAMI spc's for .45 Colt - in both short cases. Remember, the revolver has no action to work - or feedramp to match... it'll digest anything. Also, expect a bit more bump in the hand, as their is no mechanism to absorb your recoil energy. BTW, I've never had a ftf with a .45 AR round. Neat looking little rounds, too - and the HKS #25 fits those AR's. If you can, use a separate crimper with a sizing die as your last step - like the Lee FCD - for either ACP or AR. If a 4" barrel is legal to hunt with, Bambi & Thumper can be harvested easily - at closer ranges.
Now, if you want a .38/.357M, look at the 4" 66's replacement - the 620. It has the same partially lugged barrel as the 66 - with the 686+'s L-frame and 7-shot cylinder - and better balance, to me, than the full lug 686+ (Not all 686+'s are full lugged - I have a 5" partially lugged keeper from a few years back!). While the 625JM now is nearing $700 new locally, the 620 is about $100 less - and, at 38 oz, about 5 oz less in weight. The HKS #587 fits the 620 (& 686+) cylinder.
You can't go wrong either way. Buying new gets you the 800# to a pre-paid mailer for ANY service, too - and a free range bag, if you check out 'Shooting USA'.
Stainz