Having shot both for many years in a variety of guns, I find the .45 ACP to be more useful overall than the .45 Colt. Both work very well with cast bullets, in fact, jacketed bullets offer no advantage in either cartridge.

From a purely practical perspective, few would shoot very heavy (270-300 grain bullets) in the ACP. However, as a trick, it's probably possible. While one can shoot very heavy bullets in the .45 Colt, the benefit of such bullets over a 255-260 Lyman #454424 or something similar would certainly be of dubious worth unless there was a significant accuracy advantage.