I can't speak to the original BLL, having never used it. I never got the chance to purchase any of the magic Johnson's mixture prior to it being discontinued.
The BLL#2 that I use, the one with the Lundmark wax, works just as well as 45/45/10. At least, it does in the applications I have tried - mostly handgun up to about 1300fps.
I will say that BLL is easier to make, if only because there is no heating of the wax to render it down. The two lubes (45/45/10 & BLL) are very similar, but the BLL remains a liquid while the 45/45/10 turns pasty.