Yes, the 458 Lott can fire 458 Winchester Magnum. This was good for users who might need to get extra ammunition on a hunting trip and find 458 Lot hard to find in some countries. Jack Lott probably did this deliberately, as the 458 Lott was untill recently considered a proprietary cartridge (only available from one small maker). Proprietary ammunition is often hard to find, and this can make the guns that use it unatractive to traveling hunters, since without ammunition a gun is just a bueatiful but expensive club.
In smaller calibre guns, particularly .22, the use of short cartridges could leave the chamber enlarged ahead of the case mouth. I have an old Remington model 12 like this. It makes the long case hard to extract. BUT, this gun was used for "demonstration shooting" and fired many many thousands of rounds, most with corrosive primers, perhaps even with black powder.
How many thousands of rounds will you fire in the 458 Lot in a lifetime?