Two ways to look at this... I have friends that carry the G34 concealed with no problem. I myself carry a full sized 1911 with the 5 inch barrel without a problem, however I'm a big guy.
I think you have a great idea with shooting what you carry. Another option you could go with is to buy a compact 1911 for carry and use another full sized version for competition. Same frame, action and if manufactured by the same company it will have the same feel.
My wife shoots a full sized 1911 in 9mm in competition and I think I'll pick her up a compact version for carry.
Just my $.02 zac