I think everyone has their own preferences, as some folks say the shorter shocks are horrible.

I blew out a seal in my stockers last year and replace them with street glide shocks off of a 12 (air shocks). I personally think they ride much better then my old 13" stock air shocks.

 

What are the potential risks here? Are we talking poor ride quality or potential damage?

 

I had the 12" hand adjustables on my '15 Limited Low. They are about as good as you'll get for a shock with 1.5" travel. They are stiff, real stiff. Even on the softest setting, when you sit on the bike they won't move. Jump up & down, they won't move. I'm 235 and ride solo.

Out on the road they are better, surprising actually for that 1.5". I could have lived with them if I had to. They sell readily in the classifieds here if you find they're not for you.

There is no free lunch when it comes to shock travel.