two caveats
First, while all cartridge nominal diameters are the same, the 454 chamber is tighter than a 45 Colt chamber while the 45 Colt cartridge is not usually held to quite as tight tolerances as the 454 so there is a possibility you might find the odd 45 Colt that will not chamber. This is the reason they recommend reloading with a 454 sizing die and not a 45 Colt die. I ran into a problem loading cast 45 Colt bullets in 454 cases. The cast bullets were a bit oversized and the loaded cartridge would not chamber in the 454 until we ran it through the sizing die a second time.
Second, and applying to all situations where a short case will fit a long chamber, I prefer to use long brass, regardless of how hot a load I'm using. For example I put up 38 Special level loads in 357 mag brass for my 357. Avoids building up a ring that if not cleaned out will prevent proper case expansion with a long case and lead to higher pressure.