I guess it all depends of how much you are willing to dress around the gun.
I used to carry a S&W 4516-1. I did that for years, but found myself leaving that gun at home & tucking my .380 Mustang into a pocket many times. The 4516-1 isn't a huge pistol, but because of its size & weight I was inclined to leave it rather than take it.
Now I have a Kimber Ultra CDP, & it goes with me a lot more than the Smith ever did. Inside a Sparks VM II it almost disappears; it is light enough that it isn't constantly tugging on my belt (also a Sparks). Kimber also sells a full sized CDP that weighs (I believe) only 1oz more.
To me, the extra 2" of barrel length on a full sized gun is that much more you have to conceal when wearing an OWB holster, which for me is the most comfortable & will be my next holster purchase.
I also have a full sized Kimber in all SS that I use for range work. I don't usually carry it, but I bought a Galco Jackass rig that will carry either the 3" or 5" gun. In this shoulder rig the 5" gun will conceal just about as easily as the 3", although after carrying the lighter CDP the added weight of the full steel gun is noticable. Not necessarily uncomfortable - but noticeable.
Here is what you need to do: but a short barreled 1911 to go with your 5". Use the 5" for range & practice, the short gun for carry. Afterall, everyone knows you can't own too many 1911 pattern guns....