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I don't know about the "average" 454 load, but my reloading manuals and other published data for the 454 Casull put it at 150% of the 44 Magnum's maximum energy levels. Plus the .454 Slug (at .452" diameter) has 11% more frontal area than the .429" diameter 44 Magnum slug and approximately 17% more mass (given the same shaped slug).
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The Buffalo Bore +p+ ammo for .44 mag is rated at over 1600 ft.pds, right up there with many of the .454 rounds, but your point on diameter is well taken. Penetration of this round puts it on par with the average .454 round while at the same time, usual use keeps my recoil way below the .454 Casull recoil.
Heavy .44 Magnum +P+ Ammo - 340 gr. L.F.N. - G.C. (1,478 fps/M.E. 1,649 ft. lbs.) - 20 Round Box
NEW HEAVY 44 MAGNUM +P+
http://www.buffalobore.com/index.php...ct_detail&p=54