Rather than the performance of fancy brass with heeled bullets etc etc, can a fellow not ream the 41 LC out to something like 41 mag, shorten the cases and use normal 401-402 bullets or am I missing the obvious?
You are missing two obvious things.
First is that there is nothing fancy about .41 Colt brass. It is just the size it is.
The second obvious thing, is that you need to know which .41 Colt you are dealing with, as they changed the specs along the life cycle, and went from the heeled bullet to a more or less normal (to modern eyes) bullet that was the same diameter for it's full length. They changed the barrels used in production along with. You need to know what the bore diameter is, and work with that, if you are not putting a new barrel on.
Add to that, the less obvious, which is that the cylinders and bore are a product of an era in manufacturing where tolerances used were nowhere near as tight as modern production technology. Bore diameters and rifling depths vary a lot, and anyone that tells you he has the whole thing figured out is a fool.

Each old gun is a entity unto itself. If you want them to work well, you pretty much have to muck about a bit.
The ideal situation would be to be able to start from scratch, and put a properly matched barrel and new cylinder on the gun, with it all properly and accurately indexed to align correctly, and with the cylinders throats correctly matched to the barrel as well as to the choice of case and bullet to be used.
Then you get to muck about until it all works, same as before.
Cheers
Trev