Fractional Captain reported unstable approach and descent below glide path. Flight crew performed a go-around.

Narrative

While conducting a visual approach to SDL RWY21 (via the charted Right Pattern); we experienced a very high workload due to VFR traffic avoidance and changing the approach programming. The crew initially selected an estimated altitude for the Right Landing Fix to join the pattern.During the approach; we identified the aircraft's path appeared to be placing us abnormally low so we initiated an immediate correction. This trajectory prompted an ATC altitude caution; which we received after we had already initiated corrective change of altitude.Upon turning final; I noted a configuration discrepancy (wiped-out reference speeds) and simultaneously recognized the aircraft's unstable path. A go-around was initiated immediately and executed without incident. We subsequently landed without further issue.Debriefing: we fully debriefed the flight and agreed the go around was the best course of action. One point we discussed both in the original approach brief was the 2 different visuals; the charted FMS and the right and left visual pattern. Because we were cleared the visual but directed to the base we chose the right pattern charted visual for the SDRGT fix for base but in review we believe the rise and descent of the terrain directly west where we were at that time could make that a bad choice in the future. In brief review we should have just requested the FMS visual to avoid the confirmation bias associated with a base turn along with the resulting a decision chain that placed us in a position required a go-around.