Well,
I have a 45BC re-chambered to 454 Casull and it shoots very well. Overall 45 Colt loads still shoots good, but the loads that I had worked up to that shot really good before the re-chamber are only mediocre now. But since, other new loads have proven to shoot just about as well. Conversely, the very first load I made up for the 454 shot better then the best load form the 45 Colt ever did!!
SO, we now as far as strength, a SB2 handi is up to the task of the pressures that the 454 or even 460 S&W generates. I would still hesitate shooting any from your BC's 45Colt chamber. Technically, the overall strength of the firearm should be first concern and as mentioned, the handi is up to it. But the chamber even though seems to be long enough for the cartridge, the leade is out of position for the longer cases 454. Remember the 454 is a hi pressure caliber. Besides all this, the STD 45Colt is able to be loaded quite close to 454 ballistics on its own. Dont fool with this, just load up your 45's to Ruger levels.
So, I say don't do it, load the 45 Colt up or re-chamber to 454 if you really feel you need more performance.
CW