As Fowler points out, the expander die will need to be re-adjusted when changing from .45 Colt to .454 Casull & vice-versa, due to the length difference in the 2 cases. Likewise, the seating die will need to be adjusted when switching back & forth. I don't know if the Redding set has a 4th die for crimping or not, but you should use one, to avoid backing out the seating stem, and turning the die further into the press each time you crimp full power .454 loads, then reversing the process to seat the next batch of .454 bullets, or work with .45 colt cases. The reason that people mention cases crinkling (correctly) is the need for heavy roll crimping when working with full power .454's. The application of the heavy crimp at the same time the bullet is being seated adds too much pressure to the case, and it can begin to collapse or "crinkle". If one is going to load both .45 Colt and .454 full power loads, in my opinion it's better to bear the extra expense of a separate set of dies for the .45 Colt, and a dedicated 4 die set for the .454. You'll save a lot of time, and your loads will be more consistent from 1 loading session to the next, because you will eliminate all that adjusting.
