The sintered (powder) metal parts did cause some concern. They went to non-sintered steel in the MK V and King Cobra. I'm almost sure that I recall David W. Arnold, who liked Colts, telling me that he'd replaced the hammer and trigger in his MK III with MK V parts.
The trigger has a long "pre-pull" with a lot of slack before the parts begin to work and then a hard, short pull in DA. The SA hammer cocking stroke is very long, but usually smooth. The hammer spur is too short for some thumbs.
The Lawman MK III is a cheaper version of the Trooper, intended to replace the fixed-sight Official Police. They also made some Official Police and Metropolitan versions. They were ugly and had very hard DA pulls, with a narrower trigger than the Trooper MK III. The Lawman did not precede the Trooper: all of these MK III guns were introduced about 1969-70, as soon as each could be made after the annoucement. The Trooper MK III was the flagship of that line. It replaced the former Trooper and Colt .357. The latter was a better finished version of what became the Trooper.
Compared to Ruger and S&W guns, most disliked MK III trigger pulls and the long SA cockimg stroke and the short hammer and the questionable action parts. The MK III frame looks stumpy or squat.
This is the result of Colt having engineers design the line instead of gun designers. It takes a special gift to be a John Browning, Georg Luger, Bill Ruger, or even a Gaston Glock. Most engineers don't have the intuitive gift of knowing what a gun should be. And I'm sure they were told to design to a price point.
The guns appeared well before US LE went to autos, but were on the market just a very few years before Ruger offered its Security-Six line. That was a severe blow to both Colt and S&W.
Two good things about the MK III Trooper and the subsequent MK V and King Cobra "fixes." One is that the cylinder timing system is far superior to the old Colt system, which is expensive to make and hard to maintain. A very fanous pistolsmith told a friend of mine that he could re-time his Python, but that it'd probably be out- of- time again within 500-1,000 rounds! I sold both of my Pythons, largely for that very reason.
Secondly, S&W quality control was in the toliet when the MK III guns were introdued. I could literally drop FIRED .38 S&W ctg. cases fired in a .38-200 revolver into the chambers of a couple of my M-19's! Extraction with .357 loads was hard; almost had to pound the extractor rod to eject some empties.
I wrote to both Speer and to a very famous gun writer who had one of the two most prestigious gun writing jobs in publishing. He is far more knowledgeable about gun design than are most of his peers, and has written a few excellent books. Both advised me that they had also seen these oversized chambers and advised me to buy a MK III Colt instead of another M-19. Colt simply had better QC. But the actions and the overall esthetics favored Ruger and S&W, except that Ruger's blued finishes were nothing like Colt's fine work.
Most serious gun enthusiasts avoided the MK III series and then Colt had some severe labor problems, the origins of which probably can't be discussed here. These lasted for a couple of decades, and Colt dropped making DA revolvers.
If I was going to buy one of their newer designs, it'd be a stainless King Cobra. I would not buy a MK III gun, because of the sintered action parts. But some seem to hold up, so if you own one that seems okay, it probably is.
Many here do not like S&W's current MIM parts. I should think they'd be even more wary of Colt's early sintered ones. I bought a Ruger GP-100 to avoid both. Now, even Ruger is using MIM on some parts, but I'd bet they are durable.
The MK III trigger pulls tend to be hard. Bob Nichols and others who preferred the old long action to the newer one that S&W introduced about 1948 would probably have to take a couple of anti-acid pills after trying MK III Colt triggers!
I hope this helps some here. It took long enough to type that I'd hate to think the info is useless to most.

I'm telling you why I didn't buy any MK III guns.
Oh: aftermarket stocks are rare for MK series Colt guns. I don't think they sold enough to make it profitable to make grips for them.