I'd say that's okay. However, I will tell you this, a buddy of mine just picked up a very lightly used 629 6.5" classic with a leupold scope for around $640 shipped (IIRC). If you want to look a little, they can be found used IF you want to go that route.
I think the 6-8" barrel length is nice for a .44mag. Many times, A.)the extra sight radius is nice if you wanna reach out with it a little B.) If you handload/have an addiction to velocity, sometimes the slower powders in such magnum calibers will like the extra bbl length. C.)As RGT stated, it's nice to have something extra in front to tame that recoil.
That said 5.5" is certainly feasible, but personally I would have one no shorter (recoil starts to get a little jumpy IMO)
Currently I have a ruger SRH with a 7.5" barrel, and I adore it, barrel length is just perfect for my uses.
Gundraw