No it's not too short to run but almost. As Hondaman pointed out in his book, a Little extra wheelbase is goodness however. Somehow I was under the impression from the book that the early 71s were 17/48. Which would have more top end speed, the 18? I could have mis-read it.
I would agree on the wheelbase, and using a longer chain achieves that. We did that on our roadracers. A 17 t front with a 102 link chain put the wheel back for high speed stability.
An 18t gives the higher top end, assuming you have the horsepower to pull it. Otherwise it lowers the rpm at cruising ranges, the bigger reason for using it. I prefer 17/48 overall.
Reference HM page number. I've read that section and didn't see that (17 std on K1s). Easy to miss tho with the volume of text there.