Pencil barrels are only really useful if you want to save weight - mostly if you plan on carrying the gun a long distance, but sometimes if you want to change the handling characteristics (balance point, swing, etc). Barrel length doesn’t really matter other than a 14.5” barrel having less material than a 20” barrel, and thus also saving weight. A light weight barrel will heat up faster than a heavier barrel, and when a barrel starts to get hot your zero can start wandering. If you’re just target shooting, go for the heavier profile barrel.
That said, if you’re going for an authentic retro style rifle, that plays into what type of barrel you have. A1 had a light barrel and the A2 had a heavier barrel.