Cutting the barrel down should only impact performance minimally. If it makes the rifle easier to carry, handle and shoot, then it makes it a better rifle in my opinion.
Rifles of that caliber are not generally shot for enjoyment. They are sighted in and shot in NEED! When you need that kind of power, blast is likely not going to matter much to you. At the range or for "recreational shooting" you can double up plugs and/or lead sled it to reduce the abuse.