This image is actually photoshopped to look like a gun I made for myself back in the 1970's from a mismatched P.38 I built from parts.
In addition to bobbing the hammer and shortening the barrel, I also flattened the contour of the safety and checkered the remaining lever. It was a great carry gun, and reliable as heck.
With a P1 aluminum frame it would be even easier to carry...
I think I would find the P5 to be slightly bulkier than my "shorty."
I always wanted an H&K P7, but could never find one I could afford