I have a couple shotguns setup that way. They sit in the back of the safe and collect dust but periodically get taken out to lend to a friend when we go shoot trap.
You could use it in 3-gun. You would be limited by the barrel length and short magazine but you would learn how to speed load! 
Trap and 3-gun are fun. Would you be out in front if you had the very best equipment in either sport? Probably not. My suggestion would be to go out and see if you like the sport before spending any money on guns or accessories for them.
A few years ago I shot Cowboy Action with some friends. I had most of the equipment except for a period correct shotgun and the magazine on my lever action carbine was two rounds short for a couple of the stages. My friend lent me his shotgun and I was able to use the carbine by reloading a couple rounds at the end of the stage. It put me back a couple seconds but I was having fun so it really didn't matter. I started to get into it and found a deal on an old Remington side-by-side shotgun with a 28" barrel. People got a kick out of me, I was the guy with the shortest rifle and longest shotgun.
"The sword is more important than the shield, and skill is more important than either. The final weapon is the brain. All else is supplemental." John Steinbeck
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