It would require some pretty deep engraving and removal of quite a bit of material to reallty compromise the strength of the gun. Remember it's the cylinder that's taking the brunt of the pressure not the cylinder frame.
Any SAAMI spec load would be more than fine but I'm just curious if you'd need more than that, essentially if one needs the super hot high pressure +P+ stuff, why not simply buy a model with a of a chambering that has that level of performance to begin with?
IOW, If ya need 454 performance buy a 454 not a 45 and hot rod it.
Oh forgot to add...there are no "old model" Vaqueros. ALL are in factt New Models. There's the Vaquero and the New vaquero just as they're named by the manufacturer, two disticntly different models.