My buddy & I have done several conversions... from 32 S&W Colt Pockets, to an experiment with a Walker that shoots warm 45 Colt level loads on a cartridge based on the 460 S&W...
The top strap also adds something to the strength of the gun... but we have found other ways to strengthen the guns... we've been using the addition of a taper pin, to correctly index the cylinder gap, this takes some stress off the wedge, we also usually change out the cylinder arbor with known tool steel, & when possible increase the thread strength where it screws into the frame, & have done our own case hardening ( not color case hardening ) to get a deeper surface hardness, while keeping the inside more maliable which provides great toughness
I've also been bitten by the bug... there is just something about the looks of an open top Colt type gun...
my favorites so far are the 51 Navy based guns, of which I have a couple... one in 32-20, & a pair in 38 Long Colt... thinking about another pair in 44 American Bulldog... or even thinking about a custom based on slightly shortened 40 S&W cases
with the rear sight being on the hammer, there is the potential for inaccuracy, if you have a lot of sideways wiggle on your hammer, but if it is tight, & you're a handloader, it's not tough to get groups down to acceptable hunting accuracy... & altering the rear V notch is pretty easy as well
my buddy just did one based on shortened 41 magnum brass ( a 41 special ) I've been trying to talk him out of that one... if he holds out long enough, I may have to do one myself