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And for those that might not be aware... in a modern levergun (Winchester 92, 94, Marlin 1894) you can load .45 Colt right on up there... surpassing .44 magnum. And when loaded to comparable performance with .44 mag (equal bullet weight at equal velocity), the .45 Colt is at lower pressure.
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Absolutely -- in fact, the Colt will do great things at around 28,000 to 30,000 PSI in a gun that is strong enough, while a ,44 Mag needs 10-15% more pressure.
In fairness, however, there's less "meat" in a .45 -- the bigger hole means less metal to deal with pressure. But in modern leverguns and the Blackhawk/Vaquero, you can outshoot a .44 Mag with a .45 Colt.