Personally, I like short-barreled guns. As Paul says, there is a velocity penalty, but it is one I am willing to pay.

However, on a gun such as this one, I would plan to drill and tap the receiver for an XS Sights rear sight. It might be required to remove the factory rear sight. With a longer barrel, the factory sights might be serviceable.

I find the 338 Win Mag (like its cousin the 300 Win Mag) to be unpleasant to shoot. This gun is built on the L action and is also offered in 375 H&H. The 375 H&H is far more enjoyable to shoot, and at least as effective (probably more so).