I've bobbed a couple guns in my life. I suggest if it hasn't already been done you have a smith remove the sibgle action notch on the hammer. Trying to cock, or worse uncock, a bobbed hammer is very risky. I think such a gun should be DA only.
Disadvantage is you lose SA capability. My favorite small revolver is the older Model 40 with no external hammer so I have no problem with this fact. May also have a hard time with holsters. Nothing for the strap to hold. I always carry my Centennials in my pocket with no holster so again no big deal to me. I know... pocket carry is bad but I've done it most of my life. Better try it in the holster you have in mind to see if it will work. Advantage is a more compact gun that won't snag nearly as easily or badly when drawn.