Fair enough, but consider this:
With two slugs of the same design (in this case, I assume, Foster) and different weights, the Heavy Slug will have a higher SD and BC.It will lose velocity at a slower rate than the Light Slug. Depending on Weights and Muzzle Velocities, the heavier slug will probably give up a bit in velocity and drop at 50 yards - but the heavier slug will almost certainly have the edge in FPE and Momentum - and better Terminal Ballistic performance. At greater distances, the Light Slug's advantage in External Ballistic performance diminishes, but the Heavy Slug's figures remain considerably better than the Light Slug's at the business end.
That's not to say I'd go with a 3" Slug load - I wouldn't. Either will do the job at normal shotgun range and, as you mention, the 2 3/4" Slug load usually has less recoil.
DC