The Series 70 Gold Cup will shoot any .45 ACP ammo a standard 1911 will shoot. The problem isn't the gun, but the Eliason sights, which have a roll pin that has a tendency to shear and a front sight that is staked in, but not as tightly as one would expect. The front sight can be restaked and the roll pin replaced with a solid pin and you are good to go with heavier than wadcutter loads.
The Gold Gup, given a heavier spring and a solid pin instead of a roll pin, will handle ball or ball equivalent rounds without undue wear. I competed with mine using a standard load of a 225 grain truncated cone at a velocity of 850fps for a number of years. While I wasn't a national champ, I managed to put over 10,000 rounds through it in 3 years and it's still as tight and accurate as the day I bought it. I still shoot it regularly.
If you want to shoot it as is, you can easily come up with a nice 180 grain semi-wadcutter load and some Bullseye powder that will shoot accurately and be easy on the gun. But...well...the thought of a 1911 style handgun shooting wussy loads sort of makes me want to suggest a pink gun case for the range trips
Dan