Thats the style coupler I had on my stroker when Barb took it to Red Wing, there is no difference in the depth of the splines. The sleeve make's it a bit easier to line it up, but there's no other issue I know of for you to worry about. I'm no drive tech, but I think the only purpose of the sleeve is a way to get some grease to the splines to reduce wear on the splines, that could cause a vibration if the splines get worn.
The grease zerk does not actually squirt grease into the spline area, but it does find it's way through the splines when the motor is running.
The weight of the pair you have is good, the 5.7 flywheel weighs 32 pounds, if I remember right, I have run the late 80's 4.3 flywheel on some of my motors because it is a bit lighter than the 5.7 but the later models are the same.