Seth,
The simple answer to truly excellent 44-40 BP loads has been with us for a very long time. One such load is 33,0 grains weight of Swiss FFg, CCI350 primer, Starline or Remington cases, Lyman 427098 bullet cast in pure lead, 20:1 Pb:Sn or some intermediate alloy, sized to 0,427, 0,428, or 0,429 (as your rifle needs), lubed with SPG or equally good lube. That load is only 3-4 inches high at 50 yards when zeroed at 100 yards. Five shot groups should be no larger than 4,0 inches at 100 yards, or 2,0 inches at 50 yards. With good eyes and excellent sights, expect groups 1/2 that size.
The above gives precisely the performance of the original Winchester factory BP load for 44-40. That ammo can be purchased again today from Republic Metallic Cartridge Co.
The answer is NOT with reduced loads, except for some VERY precisely made up loads.
Lars