45 Colt rifles did not exist in the old west. They carried 44/40 or 38/40 or 32/20 rifle/pistol combinations, but not 45 Colt.
There was not enough rim on the cartridge to accept a rifle's extractor. This is some of the original 45 Colt ammo. The stuff with the copper "brass".
Now compare the old-style "balloon-head" ammo to modern solid head. The only reason you can use 45 in a rifle now is the solid head allows them to cut a deep extractor groove.
Compare that to the (compared to the 45) huge rim on a 44/40, which, by the way, is a rifle cartridge loaded in pistols.
Now, to answer the question. I really don't know. It would depend, to a great extent, on WHERE you were shooting. If you are hunting in deep woods or thick brush, or some other place where your greatest shot might be 100 yards or so, then a 357 or 44 magnum rifle makes a lot of sense. Out of a 20-inch barrel, those suckers are moving. The problem is short stubby pistol bullets don't have really good long-range ability. Heck, the 444 Marlin, which is a RIFLE, was originally loaded with 240 grain 44 magnum bullets. When Speer(? I think it was) came up with a 265 grain bullet for use it that, its long-range capabilities got much better.
Any damage that a 2 or 4 or 6 inch pistol is gonna do - a 20-inch rifle is gonna do two to three times as much. And then, a 20" lever carbine carries eleven rounds (10+1), while most large caliber revolvers only hold six. Almost double the ammo. If, in a firefight, you have a break, you can top it off (tactical reload) without taking your gun out of action.
If I lived on a farm or a ranch, or hunted out west in the wide-open spaces, or maybe in the east on a bean-field, would a 20" 357 lever gun be my first choice for a hunting rifle, or better, my only rifle? No. I'd want a long-range gun. 308 or ought-six at a minimum.
But, if I lived where you could not see for 6 or 7 hundred yards, or for "urban security", then I'd rather have one of them than a Garand.
My daughter lives in a large town, in an apartment. Her anti-goblin medicine was a 5-shot J-frame 38. When I went to see her last, I left a 20" 357 lever gun. I didn't want to. I like that gun. Had it set up specially for goblins. Action job - smooooooooth. Better front sight. Receiver sight mounted (peep sights are much easier to pick up than leaf sights). So, yeah, I like that gun.
Like my daughter more.