You don't mention an intended use so it's hard to get specific.
Generally speaking for any magnum cartridge , the short barrel is going to give up velocity at the expense of muzzle flash. There will be some accuracy long range loss over a longer barreled version (due to sight radius). As for holsters, I'm sure somebody like Lobo leather can make you a nice one at a reasonable cost. That said, I never had an issue carrying a 3" revolver in a 4" holster.
All that said, the heart wants what the heart wants.......

__________________
Dave