45/70 Ruger #1 can get a 500 grain bullet to 1800fps, or a 300 grain bullet at 2200fps. This is with smokeless powder.
1100fps to 1350fps in black powder from a 45/70.
A 45-120 will shoot a 720 Grain bullet at 1110fps, or 500 grain at 1900fps, and these are just some loads I found with with black powder. A .50Cal BMG bullet is in this same bullet weight range.
Not sure of smokeless loads for 45-120.
All three of the cartridges were made for black powder. Basically different lengths of brass to hold more powder to shoot the same bullet. Its a .458" bullet, and some are heavier or lighter, and can be loaded in a 45/120, 45/90 or a 45/70, just with a different powder load.
So if you want to hand load and use black powder, which is easier than smokeless, get which ever would suits your velocity/power needs. 45/120 getting higher velocities for a given bullet weight.
If you want smokeless, or more options for commercial availability, get the 45/70. You can go to your local gun shop and find a few boxes of 45/70. Or you can hand load it too with a wide range of performance. HOWEVER, accept for a certain few companies, the ammo available commercially is kept to a low pressure standard, limiting the performance a lot.
There are three chamber pressure levels for the 45/70. That is, three different rifle types, with different abilities to hold pressure.
The lowest, for which 95% of commercial ammo is loaded, is safe for ALL 45/70's in working order, old or new, I think it is 24,000CUP.
A Marlin or other new lever action almost double that, I've seen load data for up to a 45,000CUP limit.
And a Ruger No.1, No.3, or a Mauser Bolt action has a limit of 50,000CUP. Anything past that I think it is limited to the strength of the brass, hence the .450 Marlin.
Not to mention a Rifle in 45/70 would be more affordable. A Marlin 1895 or a Ruger #1 or #3 would cost $400-$800, depending on condition. A rifle in 45/90, or 45/120, would be at least $1000-$2000, depending on the brand.
Hope I explained all that ok.