The swingarm is shoter so your spring and shock ratio will increase. IOW, it will ride stiffer, but that's probably not a bad thing. The stock shock is soft IMO.
As others have said, then make sure your front and rear sag are set afterwards.
It should turn easier too. If it's a little too easy, then you could always raise the triple clamps (drop the fork tubes) a little to increase rake and trail.
I found the Triumph swingarm tool handy for reinstalling the swingarm on my ST3. There are ways around it (pliers, for exa), but the tool insures it's done right and can be coupled with a torque wrench. It was $15 or $20. I can't quite remember.
I'm surprised anyone would go through the trouble of swapping a swingarm just for aesthetics but to each his own. You would probably cringe at my homemade lexan windscreen that's sealed with gaffer tape. Ha ha. It's functional and that's most important to me.
I like the longer wheelbase personally. The bike is very stable especially when spinning the rear tire on exit.
Let us know how it rides after you're done. Good luck!