The rim being too large to fit??? Colt chambered SAAs in 44-40 for years. It'll work just fine.
Yes, but a Colt cylinder and a New Vaquero cylinder are not quite the same diameter. In addition, the ratchet teeth on a Colt cylinder are of a different design than on a Ruger. There is more clearance around the teeth on the Colt than on a Ruger. By the way, that photo of the teeth with the 44-40 ammo in position is not typical of the OEM Ruger cylinder design. Those teeth have been relieved to create more clearance. Out of the box, the teeth on the Ruger have less clearance.
Here is a photo of an 'original model' Vaquero cylinder in the center flanked by a 2nd Gen Colt cylinder on the right and an Uberti cylinder on the left. You can plainly see that there is more clearance near the teeth with both the other cylinders than the Ruger cylinder.
As I said before, when the New Vaquero first came out Ruger did the numbers and decided that with the nominal maximum SAAMI spec rim of the 44-40 they could not guarantee that all SAAMI spec 44-40 ammo would chamber. Yes, some independent gunsmiths have been able to ream out the chambers for 44-40, but they are relying on the fact that most 44-40 brass made today does not quite go to the SAAMI max rim diameter. If it did, there would be interference. They also rely on the fact that there is the tiniest bit of slop in the chambers, so that gives a little bit of added grace. But as a manufacturer, Ruger has to guarantee that all SAAMI spec ammo will chamber without a problem, and they could not do that.
I have this information direct from a line engineer who was working for Ruger at the time the New Vaquero came out. But, with the Blackhawk cylinder, or an 'original model' Vaquero cylinder it would not be a problem.
P.S. I had to look twice before I realized that is a 'colterized' three screw Blackhawk. Nice!