$0.02
I can mainly think of negatives for that conversion, but you didn't say why you're considering it.1, aesthetically, I don't think it will look good.2, effort, you can expect to need almost 50% more force for any given condition because of the reduction in mechanical advantage.3, may be "twitchy", again because of the mechanical advantage, any given linear motion will have greater effect. With the old wheel, moving your hand 3 inches may turn the rudder 4*, while with the new one, 3 inches will turn it 6*.Possible advantages? I guess 2 and 3 above could be an advantage if the existing steering is too slow/light for you. And it will free up some cockpit area. To get the area, some sailors have made their wheels removable for when they're in port, would that work for you?