Most factory loads for high powered rifles are test-fired in a 24 inch barrel. These are the ballistic numbers you see in the charts that are in the back of gun catalogs, the Shooter's Bible, etc.
A .308 will lose approximately 50 fps in velocity for every inch that the barrel is shortened.
So, look at a factory load in a catalog, and subtract 200 fps to calculate the velocity loss for a 20 inch barrel. As a practical matter, this will be very close.
Personally, I find that a 20 inch barrel is just too much noise and muzzle blast for me in a .30 caliber rifle. I prefer to buy a standard 22 inch, and then have a gunsmith cut one-inch off of the barrel off, to give me a final barrel length of 21 inches. A 21 inch barrel is extremely handy and quick for most people, especially in a light rifle.
The final overall length of a .308 with a 21 inch barrel is extremely close to the overall length of a long action rifle (such as a .30-06) with a 20 inch barrel. If you are going to install a recoil pad, you can also shorten the overall length of the .308 by just cutting 1/4 inch to 1/2 inch off of the buttstock during the installation process, and you will never know the difference.
With a slightly shorter buttstock, and a 21 inch barrel, your rifle will "point" very well, and yet be short and quick enough for anything you may need.
Regards,
Mannyrock