The original load was indeed 40 grains of pistol grade black powder under a 255-260 grain RNFP swaged bullet. It was reduced to 35 grains of powders because it burst more than a few of the iron cylinders of the day. It was further reduced to 28-30 grains of powder because of complaints from the field of excessive recoil.
While it is not easy, you can stuff 40 grains of 3F into a modern 45 ,one Colt case and still seat a 255-260 grain bullet. From my 5 1/2" barrel Italian replica it averages close to 950 fps. Recoil is "stout". Accuracy is very good.
As for the myth of being able to drop a horse at 50 or 100 yards, that has never been substantiated in any Army requirements.
Kevin