Getting a pair in 44 mag does give you a long arm with a little more hit in it, in case you plan to use it for hunting, etc. It can be downgraded to 44 special for plinking fun, but still not as soft as a 38 special, and 44 specials aren't as easily avaiable over the counter in my experience.
Getting a pair in 357 you are a bit shy in terms of raw power. For 2 legged problemcausers, stray dogs, wild hogs, etc you still got plenty of go. For deer, you may be a tad behind. However in handguns, you can choose a lot more different sizes. The straight ruger blackhawk is a wonderful true to feel SAA, but 44 SAAs always felt a bit chunky to me. You can have 7 rounds of DA reliability in a moderate size package, 8 rounds in the size most 44s would only give you 6, or 5 rounds in a pipsqueek if oyu need it. Plus 38s will cost you less, reloading or buying your own. Sure 32 H&R would be even moreso, but the loss of power is too great.
Go 44 mag if you think deer hunting with it is giong to be important, go 357 if versatility, handgun options, and ammo cost is going to be important.
As mentioned 45 colt in a lever gun may 'feel right' but is wrong wrong wrong historically. In my experience, when someone gets somethign for historical reasons, the truer the better, as your knowledge and interest tends to grow not shrink. 5 years from now you will cringe at the thought of 45 LC in a lever.
The 44-40 would be a good and true substitute. Sure, ammo is a little harder to come by, and less options in sidearms, but there it is.
Of course, a true pragmatist may well seek out a levergun in 454 casull, giving him the option of sliding in true hothouse loads, but always able to take 45LCs as well. Of course a pragmatist may well want a stainless steel levergun too!