Yes. They are hook breech and wedge pin guns - and a .54 cal ball is about 30% heavier than a .50.
But, I would definitely try different loads (including patch thickness when shooting ball) first. Ball works but bullets work better.
Shot my first deer with a .50 round ball and 90 grains loose Pyrodex. Worked fine on a close broadside shot, but now that I know better I use bullets. Up to 300 grain bullets have shot well for me out of T/C hammer guns. Don't remember all the twists but one was a Renegade.probably the same twist as yours.
Keep an eye open for Hornady XTP sabots too - I've had good luck with the 230 grain version, and they aren't expensive. For a while I was buying them for $7 or 8 for a 30 pack. Should be fine for a 1:48 barrel.
