Another reason for the barrel on top is that the revolver followed the single-shot pistol, in which the shooter aimed along the barrel. The original Colt SA revolvers were aimed in a similar fashion, since the rear sight was no more than a notch cut into the hammer.
I still believe that, with the distance between the sight plane and the bore axis increased by the amount it would be in an underbarrel design, you would run into significant parallax problems at longer ranges. Also the trigger pull problems would probably necessitate an automatic-revolver design (i.e. the Manateba and Webley-Fosbury).
There was an article many years ago (I forget by whom or even which publication it was in) where a guy made an underbarrel revolver using a S&W M28. He had the ignition problems I spoke of earlier, but I think in the end the gun turned out to be a pretty good shooter once he worked out the bugs. It had a very heavy DA trigger pull though.