For starters, a 20 inch barrel will get maximum velocity with a 44 mag and H110 or 296.
Also, rifles are more proficient, reliable and accurate at the pressures the cartridge was designed for. This is why world class bench rest shooters never load lighter loads in their rifles. In fact, they use heavier loads than what are recommended for sporting use.
In the old Winchester pamphlets about their powder, they state that 296 is the powder loaded in their 44 magnum cartridges. Right on the can of 296 it states to not load them down, but to load 24 grains of 296 with the 240 grain bullet. When further quizzed about this, they state there is no danger in loading lighter, it is just that 24 grains is the right load.
Thus, it can be assumed that 24 grains of 296 is the factory loading of their cartridges.
So why are you guys all talking about loading down? If you buy a box of Winchester 44 magnum factory loads in 240 grain will you be afraid to shoot it in your gun?
And to sort of answer your question, yes, 23 grains of H110 or 296 is a light load and will likely not perform as well, or be as accurate, as a cartridge with 24 grains of the same powder in it.
Edited to say that I again checked the Winchester pamphlet and it states 24 grains of 296, as I stated, with a 240 grain jacketed bullet.
But it also states that with a lead alloy bullet the correct load was 25 grains of 296.
With H110 p owder I have as often used 25 grains as I have 24 grains, with a 240, or so, grain cast bullet.