I would disagree. I really don't see the advantage to a light 45 Colt load unless its for cowboy action shooting. Even a light 45 is going to be pretty hefty for small game.
OP's idea of versatile and your idea are obviously different. Not surprising, we all have different ideas and needs. He's lookin at range toy and protection from big and small. Me? I look more towards plinkin and field duty with a very low emphasis on protection. I find his idea of a .454 over the top, he may consider my .357 vastly under powered. There have been all sorts of recommendations from .22's to the OP's .454 and none of them are wrong.
Personally I find versatility over-rated. Rarely am I in a situation that requires me to have a gun that is acceptable at all things let alone good at em. When I am after different things I simply carry a couple guns, primary is long gun, secondary is a short gun. Either that or I size (power-wise) my gun for my primary intent and deal with it's short comings for things that I "may" need it for. If I'm after small game I carry a .22lr or .32M and if I run into things that go bump in the woods I'll cross that bridge when I get to it. If I'm after deer I take my .357 and try not to ruin too much meat if I shoot a smaller critter for the pot.
But back to the gist of the OP's post......... For my area it's just dang hard to beat a 4" DA .357 or .44Sp.