I would not do it on a 357 Magnum revolver. The purpose of the full underlug is to reduce the shock of recoil, which is considerable with 357 Magnum loads. The underlug is actually a blessing, assuming that you are more of a shooter than a looker. For a carry gun it would be OK, so long as you don't plan to shoot it much with full power loads.
Models 19, 66, 27, and 28 are (or were) available without the full underlug.
I had a Model 620 for awhile, but sold it because with full power loads it beat the hell out of my hand.
I replaced it with a 4" 686 no-dash.