I have always wanted to see the same thing, albeit in brushed stainless. I think that would be the ultimate defensive .357 revolver. The weight could also be kept at, or just under, 40 ounces. That is about the same as most full lug medium frame revolvers.
A half lug, 3.5", 4", or 5" tapered barrel 8 shot 627 would be nice to see as a companion to its fixed sight brother. They could also market the 4" version as a brushed stainless Highway Patrolman (628). S&W came close with the standard production 627-5, but the bull barrel turned a lot of folks off. Timing was not perfect either.