Ruger now chambers their #1 in 450/400 Nitro Express. This is the 450 Nitro Express necked down to 40 caliber (the English nomenclature is the opposite of ours - we would call this round the 400/450) . There were several different variations in case length, and I think the Ruger is chambered for the 3" case.
Before there was a 450/400 Nitro, there was the 450/400 BPE (Black Powder Express). Obviously, this cartridge was loaded with black powder. As far as I know, the cases are virtually identical and I believe you could shoot a Black Powder Express cartridge in a Nitro Exppress chamber, but not the other way around as the BPE rifles would not be strong enough.
So it seems to me there is no reason the new Ruger couldn't be loaded with black powder and you would have ballistics identical to the older BPE round. Since the Ruger is a single-shot you would not have to worry about "regulating" the barrels, which would be a serious consideration if it were a double.
It should be similar to the Sharps 40/90 bottleneck, but with a longer case (3" vs 2 5/8" for the Sharps). This would make for a load with considerably lighter recoil than the smokeless cartridge, and yet still be powerful enough for a lot of hunting applications.
Has anyone loaded black powder in the 450/400?