The longer barrels are definately easier to carry! I cut an 1860 to 3" and found it to be a royal pain to carry in a period style holster. I finally ended up using a pancake style. The short barrel was accurate enough to use at much longer ranges than many thought it would be.
As for the short loading lever, with the 3", I just removed it. I have a 5" barreled Walker, for it I used a cheater bar over the lever arm, until I removed the lever. A real howitzer, but even with the shortened barrel it will never be a quick draw firearm.
I have a variety of C&B Pocket Colts (36s) with 5 1/2" or 6" barrels. They are a blast to shoot. Just got a 31 so have no experience with it. Looking forward to a range day but it appears unfired so I may just sell it and buy a more user friendly version.