RE: 12 Gauge w/slugs vs. muzzleloader?
Without a doubt the .45, but let me qualify that with "provided it gives good accuracy"! Be cautious in shot selection and range and it will "make meat" efficiently.
With a PRB I'd limit shots to 75 yards or less, but with conicals you can reach out to perhaps 125 yards. These would be absolute MAXIMUM ranges for me.