.30-06 out of a 20 inch barrel will still be well behind a 20 inch 300 win mag at equal chamber pressure. Like you yourself say here, no cheating physics. Of course you're right…she's gonna be LOUD! Unless suppressed. The .308 certainly makes sense in a 20 inch pipe but chopping a .300 Winnie to 20 inches doesn't turn it into a .30-06 or .308…even with a 26 inch pipe I doubt the .30-06 would exceed the horsepower of a 20 inch .300 magnum, and while being much more inconveniently long at the same time.
It would be interesting tho to know where the line of diminishing returns lies…anyone on here with money to waste, er, spend, feel like making a 16 inch .30-378 carbine?