Even with supersonics, neither will have good ballistics beyond 400 yards. They're just not designed to do so. Subsonically, I would give the advantage to the .300 BLK just because it was originally designed to be shot suppressed with subsonic ammo...The .45-70 wasn't. And when you don't get a very full case capacity (like subsonic .45-70) you can run into lots of problems like hang-fires, failure to fires, and powder ignition issues. Also, the .300 BLK uses around 10.5 grains of Hodgdon H110 magnum pistol powder to push a 215-220 grain bullet at around 1,050-1,060 from a 16" barrel. So it is VERY efficient, simply because it was designed to be a subsonic round with a big heavy projectile.
Given the fact that you can use ANY .308 caliber projectile for .300 BLK, and you can make your own brass from range pickup 5.56 brass for next to nothing, I would have to give a strong advantage to the .300 BLK. Not to mention that you can get some really cool factory rifles in .300 BLK already threaded and ready to be suppressed. You can also buy/build an AR upper for it, that only requires a barrel swap...Same bolt & same mags as 5.56/.223 Rem.
I built my .300 BLK back in 2015, and due to ammo prices and spotty paychecks (had some occupational issues from 2016-2018) I haven't even put more than a couple hundred rounds through it at most. But, now that I'm working at an ammo plant for a machinegun range, I get employee pricing on all of our remanufactured ammo. So, needless to say, I'll be stocking up about 100-200 rounds a paycheck.
If anyone is interested in some of our ammo, feel free to shoot me a PM, and I'll give you our info to contact us.