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The Rossi's are running the same barrel they run for the 44 mag, probably to save money. I have some powder coated 44mag cases that I am going to cut down in length and try running in the rifle. I might name them 44-40 specialYou sometimes come up with thought provoking projects or ideas.
I had to read your initial information through several times to get a complete understanding of what you are talking about. I mistook your use of "breech loading" for the basic design concept. Until I figured out you meant, "breech reloading." Okay.
You mention using .429 bullets. I don't know your bore diameter, often .44-40 runs around .427 +/-, or it could be factory made as a .429. So I'd have some concern about a possibly oversized bullet, jammed into the lands = higher than usual pressure. But you've been to the range, fired 12 rounds, and didn't blow yourself or the rifle up, that's good news.
My two cents, spring for the .44-40 brass, it will eliminate the headache of breech reloading. And a die set, if you don't already have it, Lee makes a relatively inexpensive set. My opinion, I don't think your breech reloading concept is any easier on .44-40 brass than cartridges carefully hand loaded using a die set. The opposite might be more likely; breech reloading might put the brass at more risk, what with open mouthed cases being fed into the action.