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From Frank Barnes Cartridges of the World 9th Edition there is a cartridge named the 510 Nitro Express. It is in fact the 50-140 Sharps 3-1/4" in smokeless powder form. It was put together by Bob Schneidmiller along with famous and well respected gunsmith D'arcy Echols. The cartridge brass is 50-140 Sharps 3-1/4" (.510 bore), the name change (510 Nitro Express) is only due to utilizing smokeless powder so as not to confuse the original 50-140 Sharps Black Powder loads and use in older firearms. The gun utilized was a Martin Hagn falling block Farquharson based action similar to the Ruger No. 1 that you have. The smokeless loadings given in the 9th Edition were all by Schneidmiller in his work with the cartridge. They are potent to be sure and meet and beat the English 500 Nitro Express by a bit. I will list the loadings he gives in the edition but would caution that anything you do should be reduced by reasonable measures to start (care must be assessed with a big cartridge case so as not to reduce too much powder as to cause inordinate internal case pressures and muzzle flash that can become hazardous. Given the No. 1 is a robust action and starting reasonably reduced, I would think you should be fine, but again you need to apply all the precautions and responsibilities that reloading and discharging demand. No pressures were disclosed with this data so again be cautious with load development. All loads appear to be jacketed SP with one being a 500gr FMJ loaded to the same 500gr SP level.

From the 9th Edition: 510 Nitro Express (50-140 Sharps 3-1/4 Smokeless) Loading Data

Bullet, Powder, Grains, Velocity/fps, Energy/ft-lbs, Source

500 SP/FMJ, IMR4895, 90.0, 2,337, 5,173, Bob Schneidmiller,
550 SP, IMR4895, 88.0, 2,172, 5,762, Bob Schneidmiller
600 SP, IMR4831, 102.0, 2,053, 5,614, Bob Schneidmiller
700 SP, IMR4350, 85.0, 1,942, 5,860, Bob Schneidmiller

Case: Straight Wall; Bullet Dia: 0.510"; Neck Dia: 0.535"; Base Dia: 0.565"; Rim Dia 0.665"; Case Length:3.245"; Cartridge Length: 4.185"; Primer: says Large Rifle, would probably think you could utilize LRM with that amount of powder.

There you have it, not sure what your barrel twist is as they did not indicate one. CIP recommends a 7 groove, 1:15 twist for the 500 Nitro Express. Again this is printed data from the 9th Edition for a smokeless powder 510 Nitro Express (50-140 Sharps 3-1/4"), you would need modern well made brass and I would exercise caution throughout. You could buy latest edition, I'm sure this cartridge is still listed. The 600 grain load appears plump, as a comparison in big case use Hornady lists top loads with IMR4831 with 400gr bullets as follows: for 416 Rigby: 91.2 gr; for 416 Wby Mag: 115.0gr. Hornady top end listing with IMR 4831 with 500gr bullet for 458 Wby Mag: 119.3gr. I take no responsibility in your use of this published data, so use at your own risk. Best of luck.