One thing you might want to consider before cutting the barrel, is your intended purpose for this particular gun. If you're going to hunt with it, you may find yourself choosing to scope this gun (old eyes really like scopes - plus the scope helps to extend your effective range). The blast from a shorter barrel could affect the front lens. Even you style of hunting will affect your decision. I prefer to spend the entire day in my stand, mostly because it sounds like Patton's third army coming thru the woods when I try to still hunt. If you still hunt, your shots may be at closer ranges, and may require you to get on target quicker, so the iron sights and a short barrel will be a big advantage. Still another consideration is how the extra weight helps dampen recoil and reduce muzzle flip, although this may not be as big of a factor in a hunting handgun.
Me personally, I've decided to keep my 6" scoped Anaconda as is for hunting, and am hoping to save up for a Model 29 with a 3 inch barrel, (either one of the older Lew Horton models, or the newer stainless model (I think it's called the backpacker)) for carry when I'm knocking about in the woods.
By the way, I believe S&W did (and may still) offer the Model 29 with a 5" barrel from the factory.