A 16" .308 will be noisy, so of course they decide to put a brake on a heavy weight rifle chambered for the little .308 just to make sure you can enjoy all the noise it has to offer.
All things being equal, a shorter barrel should produce better accuracy than a longer barrel of equal quality, due to its greater stiffness. Velocity will be somewhat reduced, but does it matter? Steps can be taken to choose a load that minimizes the loss of velocity between a short and a long barrel. While its true that the highest velocity loading in a long barrel produces the highest velocity in a short, heavy bullets tend to use smaller powder charges of the same powder, which requires less barrel length to get their bullets up to speed. The heavier bullet has a lower velocity in the long barrel so from a short barrel the percentage of velocity loss is smaller than with a light bullet. In this case however you are limited by the 1:12 twist, so 220 gr match bullets aren't an option, but a 200 or a 210 MK should stabilize. At long range, the slower bullet has more time to be effected by wind, but the adjustment for wind drift is specific to your individual rifle and load anyway, so if you have to add an extra minute or so at a half mile, than you would had your rifle had a long barrel, it probably doesn't matter much.