There is really no comparison between the .44-40 and the .45-70, it's apples to oranges. The .45-70 is a rifle round from the word go, in it's extreme hottest loads, it gets to .458 Winchester Mag territory, the .44-40 was used as both a pistol round and a rifle round, somewhere above a .44spl and well below a .44mag. The .44-40 is basically the gun that won the west, and was very popular due to both pistols and lever actions being chambered in it, it simplified ammo. The .45-70 was developed in the same year in 1873, so both were originally black power rounds. The .45-70 was originally a military round used in Trapdoor Springfields and even the Gatling gun, and according to the Sandy Hook tests
After the Sandy Hook tests of 1879, a new variation of the .45-70 cartridge was produced: the .45-70-500, which fired a heavier 500 grain (32.5 g) bullet. The heavier 500-grain (32 g) bullet produced significantly superior ballistics, and could reach ranges of 3,350 yards (3,120 m), which were beyond the maximum range of the .45-70-405. While the effective range of the .45-70 on individual targets was limited to about 1,000 yards (915 m) with either load, the heavier bullet would produce lethal injuries at 3,500 yards (3,200 m). At those ranges, the bullets struck point-first at a roughly 30 degree angle, penetrating three 1-inch (2.5 cm) thick oak boards, and then traveling to a depth of 8 inches (20 cm) into the sand of the Sandy Hook beach.
I don't have a Henry in .357....yet, I have a Marlin 1894, which I had problems with, it's been pretty decent since I got it back for warranty work. One day it will be dropped for a Henry in .357, or since I have the S&W 657, maybe I'll just opt for a Henry in .41 Mag. The .44 Mag Big Boy I have shot quite a bit, it really is a joy to shoot and very accurate. The .45-70, oh yeah, I've shot it and love it, both are and live up to the hype of being super smooth, even out of the box, something the Marlin isn't and wasn't, it's pretty ratchety. One thing alot of lever guys don't like is the loading, they are not side loaders like the Marlins and Winchesters, you have to pull the sleeve out and insert your new rounds, think Marlin 60 style tube mag. I haven't had an issue with it, but some detest it because you can't really "load on the go" like the Marlin or Winchester, I say you also don't get your finger caught in the load gate either..