Swingweight would change by a couple points unless you can find a very light grip to install. If the extra inch sticking out doesn't bother you I would probably leave it alone. Length may be a value factor if you decide to upgrade and sell or trade yours in the future.

Yes, Paul is right. Don't shorten the shaft. Just grip down a little, gives you more options. Besides you could very likely start hitting it nice later. Sometimes I will move my grip down a little, depending on the wind or other factors.

Paul's advice is correct. What Gabriel mentioned, the ability to grip down is an art form most players never practice.

Kevin,
I'm the same height as you and have just got a TS3 with the 45.5" shaft. My irons are all 2* flat. In the driver fitting, we used the settings to move the toe down (flat?) and it truly feels & sits better than any driver I've had before.
I once (and only once!!) bought a driver with a 3-wood shaft.
It was very consistent but, if it were a car, you would say it was under-powered. You always wonder if a good strike had the potential to go further with a full shaft.
Eventually re-shafted, as the frustration was unbelievable...
JT