Minimizing the underlug would be a nice touch, rounding the end of the barrel. but I think it would be only a fraction of an inch before weakening the ejector shroud.
Based on the wood grips of the Match Champion and the GP's grip frame requiring pocket grips, a rarity among grip makers, I would do what I am doing now with a 3" GP and use the compact rubber grips with wooden inserts, Altamont as I recall. They are short and would conceal better.
On the flutes, I wonder if Ruger was concerned about making the cylinder stronger. Pictures of guns that blew up often show the cylinder popping at its thinnest point. In 44 caliber (.429) the chamber wall and flute might have been too close together, even in 5-shot. My point is that there may have been strength and safety concerns mandating an unfluted cylinder not just styling the gun.
I think one either likes or accepts the look of a Ruger or they do not. Customizing a gun can double its cost and void the warranty. That's how I would view it. Personally I prefer the look of fluted cylinders.