You will find it difficult to get a barrel in .54 caliber that is that small in diameter. Its getting towards the unsafe side. Remember, dovetails, or hangers have to be mounted to both hang the stock to the barrel, and provide for sights. Its the distance from the BOTTOM of these dovetails to the GROOVES in the barrel that determine safety.
It really depends what you want to use the gun to do. If you are hunting, then the .54 makes more sense, than the .45. Not that a .45 can't kill, with an accurately placed shot. The heavier ball of the .54 maintains its velocity better, and bucks the wind better than the .45 will at distances of 100 yds and beyond. If you are shooting inside 50 yards, even a gale force wind is not going to move either ball far enough to cause a miss on a deer-sized target.
Guns are tools. You choose tools for the work you have to do. Any of them can be used for plinking, or trick shooting, with the right loads, but when there is work to do, you want the right tool. So, decide what you want to hunt with this gun, and then decide on caliber, barrel length, Style, Rate of Twist, shape and depth of rifling.