Dave Chicoine is very likely THE expert on the topic of what are black powder (ONLY) guns, and why. The NM #3 is on the list. The list appears in his book Gunsmithing Guns of the Old West----and comments continue in Smith & Wesson Sixguns of the Old West.
His book Smith & Wesson Sixguns of the Old West contains these words which respond to your question: "Smokeless powder loads should never be considered safe to shoot in any Smith &Wesson Model No. 3 top-break revolver regardless of its caliber or date of sale." A bit later, he has this to say: "Friend, you are not only in for a huge disappointment but you are about to learn the hard way why I have so long advised so strongly against smokeless powder use in Smith & Wesson top-break revolvers."
The good news is he has a whole chapter in S&W Sixguns of the Old West titled Reloading Ammunition for the S&W Top-Break. ALL the black powder cartridges are covered in detail---as are the loading techniques required by the use of black powder.
At this point I could go on in the same theme or just stop. My experience dealing with this topic suggests the latter as the best course of action, lest we hear even more than usual from the fans of using smokeless powder in these guns. (I've already heard it aplenty.)
Ralph Tremaine
Well, what the hell! I can go on and tell you what's going to happen to your gun given sustained use of smokeless loads. What I can't tell you is what "sustained use" means in numbers. You'll know it---after it's happened. You've already mentioned it in so many words----frame stretch. Here's what that means in plain English. The front to rear dimension of the cylinder window is going to change from what it was when it left Springfield to what it has become. That portion of the frame which has stretched is the bottom (recoil shield to barrel hinge) and the top strap of the barrel. The reason is the steel used to make these guns is steel in name only----and it's the best available---at the time.
So what are the symptoms? Easy, whatever has to do with the front to rear dimension of the window: Barrel to cylinder gap, Head space, Loose latch. These dimensional changes are measured in thousandths of an inch---small numbers of thousandths, so it's nothing you're going to see with your eyes----unless you get frisky, and blow your gun into little pieces. Some of these faults are fixable, but I don't remember which. I don't remember because I don't care anymore---and I know where to look it up. (That would be Gunsmithing Guns of the Old West----and I gave my copy away to what I deemed to be a worthy young man.) And up there where I said "it's nothing you're going to see with your eyes", that ain't necessarily so-----you can see gaps where there aren't supposed to be gaps in the latch. I've seen guns that rattle when you shake them!