The traditional length was the 7.5" barrel.
Howdy
There were three standard barrel lengths for the Colt Single Action Army. 7 1/2", 5 1/2", and 4 3/4". Other barrel lengths were available on special order, but those three were the standards. The original barrel length was 7 1/2". This was often called the Cavalry model because the first Colts were mostly issued to Cavalry troops. In the late 1890s many of the originals were tired and so they were sent back to Colt or the government armory for freshening up. At this time, many barrels were cut down 5 1/2". 5 1/2" barrels had existed before this, but because many of the refurbished guns were issued to artillery units, this length became unofficially known as the Artillery model. The 4 3/4" length is sometimes referred to as the 'gunfighter' model, but collectors never a recognized that name.
The lighter or faster bullets hitting higher than the heavy or slower bullets.
I have heard that stated many times, but my own experience runs counter to that. I have found, that all other things being equal, a heavier bullet will strike the target higher, not lower, than a lighter bullet propelled by the same powder charge. The conventional logic is the lighter, faster bullet exits the barrel before the muzzle has had as much chance to rise. My own theory is that the difference in the amount of time in the barrel is insignificant. What is important is how high the muzzle rose before the bullet exited, and I have found that heavier bullets cause more recoil so the bullet arcs higher after it leaves the muzzle.
Besides having shot a few full power .45Colt rounds from a bigger and heavier old model Vaquero I can say that they are pretty darn stout. Not far off the feel of a .44Mag. On a "proper" SAA size and weight gun I suspect that they would be quite punishing. Keep in mind that the originals shot black powder. And black, if you have not shot any black powder, has a longer sort of THUMP! to it than the CRACK! we get with smokless. So they hit the hand totally differently.
Hope I'm not being too contrary, but I shoot full house Black Powder rounds out of my Colts all the time, it is my standard load. Yes, the recoil is stout, but it is not punishing. The trick is to not grasp the gun tightly, but allow it to roll in the hand in recoil. That tames the recoil considerably.
Regarding $450, I doubt you will find a new Uberti or PIetta for that. They seem to be running more around $500 - $550, at least that is what the MSRP seems to be. You may be able to find one locally for less, but that is what the catalogs are asking.
A couple of points. I see that Taylors and a few other outfits are calling the guns without the modern transverse spring loaded cylinder pin 'Old Models'. Traditionally these were called the Black Powder Frame. A name which is in itself misleading, seeing as the modern transverse latch first appeared around 1896, when Colt was still not recommending the SAA be fired with modern Smokeless powder. Not a problem with modern steel, the older style is made of the same steel as the more modern style and they can both take SAAMI max loads of Smokeless powder. The problem with the older style was you needed a screwdriver to remove the screw that held the cylinder pin in place. That's why the spring loaded latch was invented.
I would stay away from the 'charcoal blue' versions that Taylors and some other importers are offering. These are the ones with the pretty robin's egg blue. It is not a very robust finish. I had one years ago and the sweat of my palm wore the blue off the backstrap inside a year. Modern blue is more rugged.
Most of the Italian imports come with the traditional 'V' groove rear sight. Not as forgiving for old eyes as the Colt 2nd Gen square type of notch. Some of the importers offer a square notch, that is what I would prefer for my old eyes. In this photo the 2nd Gen Colt on the left has a square notch, the Uberti Cattleman on the right has the more traditional 'V' groove.
Regarding barrel lengths, go with what you want. The 5 1/2" length was the most popular barrel length for the SAA. 7 1/2" has a longer sight radius, so is more conducive to accurate shooting. Personally I have always found the 5 1/2" length to be boring. I prefer the grace of the 7 1/2" barrel or the brutish appearance of the 4 3/4" barrel. For what it's worth, for what ever reason, I usually shoot better with this 4 3/4" Colt than the 7 1/2" inch one. Go figure.