Yes.  Recent .38-55 pressure test gave about 12,500 psi with modern black powder.  The real limitation is not pressure but breech thrust.  Pressure x internal base area.  12.5kpsi gives about 1550 pounds force (lbf) which the lugged hammer action can handle. 

The weak point in the 44 action is the link in the toggle mechanism.  The geometry subjects it to about 70% of the direct breech thrust, which an awful lot for those tiny pins and a link which is just mild steel, case hardened.  The battering causes the holes to open up, and the lockup (not to mention headspace) goes to pot.  The lug on the hammer is there to transfer that force to the hammer axle, which is a little more able to take the load.  Without the lug, about 1000 lbf. is the limit, if you want a reasonable service life from the action.  More won't blow anything up, it just loosens up the linkage, and the looser it gets, the faster it gets loose.

uscra112, You have provided very knowledgable comments.   

In the late 1970s or early 80s, there was a gunsmith that was producing heavier duty/stronger link pins.  I beliebe they were slightly larger diameter and high strength steel and not a 2 piece pin.   

At that time, I had a Stevens 44 and thought about sending it to him to upgrade.  However, I traded that rifle before sending.