Seems to me Tanoose asked the same question one time, I think it could be done, but whether you'd want to shoot it a lot would be a question to ask yourself, the recoil would be substantially more than most folks would want in such a light rifle even with weight added to the stock, but probably more importantly, how long would the underlug last if you shot full pressure loads. I can't find a cartridge drawing of it, so I don't know how much larger the case head is, but it's probably considerably bigger than the .45-70, and I don't know what pressures it operates at.
Before you get too excited about it, find out how much brass and dies cost for it, the .45-120 is an awesome round if you want the shock and awe factor, brass is about $2 each, a die set is less than $40. The only brass I've seen for the 450NE is $72 for 20, never seen a die set, but the 450-400 NE RCBS die set is $265.
Tim