While this is just a generalized example, you can see that even at 300 yards, there is a ½' difference in the drop. This is purely based on the speeds alone, not accounting for shooter error. The figures can get much broader depending on the caliber and bullet you're shooting as we...
the .458 Lott also has about 10-15% more case capacity than the .458 Win Mag. That said, the .458 Win Mag is designed to fit in a standard length action rifle while the longer .458 Lott requires the use of a magnum action.
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With all that in mind, there is no plains game animal that I would hesitate to use the cartridge on at ranges out to 100-150 yards. Even very large animals like the eland should present no problems as long as a heavy for caliber, controlled expansion bullet is used and placed appropriate...