Given that this action used cartridges that were lower pressure than a 44 Magnum, and that the steels of the era are suspect, there is risk in using a higher pressure cartridge in this action. It is difficult to quantify the risk as it all depends on the metallurgy. Late 1920's is better than early 1920's, and the closer you get to 1900, the worse the metal gets. Not only were old actions made out of plain carbon steels, the steel was full of slag and inclusions. By the time you get to WW2, at least they are using alloys and process controls were better. Fpr example, the US Army made 1, 000,000 M1903's up to 1918 and there were no temperature gages in the factory. When steel was heated, eyeballs estimated the temperatures. Eyeballs were not accurate enough to judge the temperature and the Army determined that 33% of those old actions would fail in over pressure tests. Many failed with normal pressure cartridges. This was the technology of the era, and even in the mills, iron and steel were processed by eyeball.
Monitor the action for lug set back. If you have headspace gages, use those. Check the headspace of the action and if the headspace increases, stop shooting the thing. At some headspace increase too much case side wall will be out of the chamber and it will rupture.