I own five .45Colt's, none of them cheap, two of which are capable of Ruger only loads or beyond. I don't drink the .45Colt Kool Aid. My preference is for the .44Mag for several reasons.
1. Regardless of what gets regurgitated from Linebaugh articles, the .45Colt does not exceed the performance of the .44Mag in a six shot Blackhawk. I have the utmost respect for John but his article was written in the mid `80's and in reference to the .44Mag, it is a bit outdated. In the real world, the .44Mag maintains a 100fps advantage for comparable bullet weights. For comparable sectional densities, right up to 355gr .44's and 395gr .45's, the .44 maintains a 200fps advantage. This is not watered down 25,000psi Speer data but full pressure 32,000psi Linebaugh and Hodgdon data.
2. Factory .45Colt dimensions are all over the place. Except for FA's and BFR's, they all tend to have oversized chambers. In which case, pressure that should be used to propel the bullet is used to expand the case to meet the chamber walls. Chamber mouths can run from undersized to oversized with very few just right. Even Colt with their vastly improved SAA, still builds them with .456" mouths. None of this adds up to a very accurate sixgun. Whereas the .44Mag tends to shoot well right out of the box.
3. The .45Colt only really starts coming into its own in custom five-shot guns. Where you have tight, linebored chambers and thick enough chamber walls to withstand a steady diet of 50-55,000psi loads. Even so, there is plenty of evidence to suggest that launching heavy cast bullets faster than 1200-1300fps does not improve its effectiveness but only flattens trajectory. Personally, if I'm going to the expense of building a custom five-shot Ruger, I'll take the mass of the .475 or .500 over the velocity of the .45Colt.
4. In mid frame guns like the Colt SAA, replicas and mid frame Rugers, the .45Colt is a LOT of wasted case capacity. At pressures in the 22,000psi range, there's just way too much wasted space in that case. At this strength level, the .44Spl has it all over the .45Colt. It's much more efficient and in proper sixguns, the 1200fps Keith load is a viable option.
None of which is to say that the .45Colt is a bad cartridge or that anyone who shoots one is a fool. Just that there are some very good reasons to choose .44's over .45's and that handloading is not always the deciding factor. In the end it all boils down to whatever makes your dobber quiver because no critter will ever know the difference.
PS, two of my .45's are for sale, none of my dozen or so .44's ever will be.