I was thinking this conversion, but think I may go 45-90 instead. Higher availability of brass, and it's just more realistic, especially if you plan on using smokeless. And, using smokeless and a 45-90 in a modern action, you can significantly better factory loads safely. With a 45-90/110 and Smokeless, you're right up there with the 458 & Lott capacity-wise.
A 45-120 REALLY boots you, because, in addition to the heavy bullet going a lot faster, you have 120 grains of powder exiting the barrel at a VERY high speed 5000+ fps once the bullet exits. 120 grains of anything going at 5000fps will boot you good.