It sounds like it got the OP a very nice rifle cheaply, and I think most of its deficiences will be of little relevance in a hunting rifle that won't be fired very often. The muzzle blast, for example, will affect a lone hunter much less than bystanders. Limited use nullifies the effect of muzzle erosion, due to the high terminal pressure and temperature. There will be some tendency to reduced accuracy from the effect of gases rushing past the emerging bullet, but while this might matter to benchresters, who can afford to neglect nothing, I can't see a hunter noticing any difference. Ammunition cost won't be a big factor, but I would sooner have two extra inches of barrel than two inches of brake.
I've used a heavy barrelled .300H&H on small deer, and took no harm from it. With the right bullet, tissue damage isn't excessive. Still, this one is only to be a short range deer rifle, and I can't see any reason to use a .300WM, or any of those new short, fat things either, except for having come upon a good one cheap. I'd use my 6.5x54 Mannlicher, but if you really need greater stopping power (e.g. for dense undergrowth in which a deer will easily become unretrievable), I don't see a thing wrong with a short .45-70.