I think I would like the long barrel better, it actually weighs about 3 oz less, closer to my 1911 & M52, but I bought the 5.5" heavy to get the better rear sight like the M52's.
One advantage to the Model 41 is that you can add barrels. I have three for mine: a 7 inch, a 5 1/2 inch, and a 5 inch "field" barrel. I understand that the field barrel is no longer available. My favorite for general purpose target work is the 5 1/2 inch heavy barrel.
I have the 5" with the extendable sight, a feature I have never used. I like the feel of short heavy barrels; my other favorite .22 target is a Ruger bull barrel. Both shoot about the same, but the S&W trigger is better.