I was not aware that the .45 ACP was developed from the schofield, if that is the case. From my cursory understanding , Colt SAA's were re-issued to some troops in the Morro "Rebellion" as they fared better than Jacketed .38. Eventually the army concluded they needed a 45 caliber or larger handgun.
There are folks here who can give you chapter and verse on the development history, but in a nutshell, the basics are that when the Army went looking for more revolvers to supplement the .45 Colt SAA, they chose a Smith & Wesson top break single action. That gun's frame was not long enough to accept the .45 Colt round. S&W came up with a shorter case round in .45 caliber, which used a lighter bullet and powder charge than the Colt round.
The Army accepted it and both the gun and the round became known as the Schoefield, as he had designed an improved latch for the revolver. The .45 Schoefield round was able to be used in the .45 Colt chambers, and for some years the Army stocked both kinds of ammo, which is probably when the "Long, Colt" nickname came into use.
When the Army retired those guns they were replaced with the DA .38 caliber revolver, in .38 Long Colt caliber. THOSE were the guns that performed poorly during the Moro uprising, and caused the Army to reissue some Colt SAAs as an emergency stopgap measure.
The .38 Long Colt was loaded with lead bullets, not jacketed.
The failure of the .38 round to perform adequately is what "cemented" the Army's desire for a .45 caliber round. When they went looking at a semi auto as the next pistol, they knew they weren't going to get .45 Colt performance, but they COULD get a round that matched the known, proven performance of the .45 Schoefield, and they insisted on just that.
In fact they were so firm in that regard that the .45 round Browning first offered them, a 200gr @900fps was turned down. The Army wanted a 230gr @850fps (+/-), and that's what Browning made for them, becoming the .45ACP as we have known it since 1911.
Georg Luger also faced a similar situation, though in smaller diameter. He originally offered the German military his pistol in .30 caliber, but the German Army thought it was too small, so he redesigned the round to 9mm (being the biggest thing his gun would take) which was more acceptable, and after a few years of back and forth, the German Navy adopted it in 1906, while the German Army took until 1908 to adopt the gun and the 9mm Parabellum round.
in both cases, it wasn't exactly a matter of "the best that could be done" it was a matter of "what the customer wanted".