I have an early .45 Colt/.45 ACP Redhawk, after having returned it to Ruger (twice) and receiving a new gun the 2nd time, I must say it functions perfectly (now). I will also say that beyond about 15 yards ACP ammo seems to lack the accuracy of the Colt ammo. But, I bought it because I have both types of ammo to shoot, and I enjoy shooting them. It serves my purposes well.
As to the sleeve; IMHO, sleeved (what I believe is more properly called "shrouded" rather than "sleeved") vs. "normal" is only important if you prefer one over the other. My main personal problem with the shrouded barrels is that it reduces Ruger's production cost, but they have increased the price. I don't believe that performance is affected much one way or the other. My preference would be for the least expensive version. If you prefer the older style, get it. If you prefer the newer version, get that. And if you prefer the least expensive one you can find, get that! Mine is not for sale.
Performance-wise, I haven't seen any evidence there is any difference.