It really depends on the kind of life the pistol is going to have. Is this going a be a gun that spends the weekdays at home or is it going to be a constant companion? Though slender, the all steel 5" really bogs you down if you're packing an 8 to 12 hour day, especially if you work in confined spaces that requires frequent turns and maneuvering.
I have a 5" target gun, and 5" GI pistols, love them dearly for target shooting but I have always liked the idea of finding one, single, all purpose 1911- excellent for carry and good for target. The first step down was a combat commander, the size was a good fit- the pistol could more easily fit in the pouches of bags, be hidden in nooks, and the muzzle didn't protrude below my jacket or shirt tails.. (Thinking hard about bob-tailing the lightweight) But it was still heavy- I threw in the towel after 4 or so months and picked up a lightweight commander. It is lighter than it looks and is quite comfortable to handle.
4 1/4" commanders still make good target guns. Novak sights are similar in blade size to adjustable match sights and the 3/4" shorter sight distance is made up for the commander getting back on sight picture a little quicker, and using 230 grain ball a good pistol will hit point of aim negating much of the need for adjustment sights. In two handed slow fire my 70 series Gold Cup groups better than my steel framed XSE- but they are nearly identical in two handed rapid fire (firing as fast as I could with a decent sight picture for each shot) The combat commander was a dream to shoot and absorbed recoil as nicely as a 5". The Lighweight commander does have more felt recoil. After 50 rounds I know I shot it... I think more than 100 it would become uncomfortable. Since this is a 24/7 pistol I give emphasis toward carry comfort. The trick is that it still needs to be fun to shoot for those days you may only put 50 to 100 rounds through it (with the cost of ammo this will be the most likely scenario) The lightweight preforms the light range duty well... And for the special high round count family/friend fun shoot, well, you can have a 5" for that too
This is just me, your carry conditions may be different. I still sometimes carry a 5" in a shoulder holster on camping trips...