I would HIGHLY suggest NOT buying a 31 and instead buying a used 21 here on the forums.
The 21 is the true Sebenza (in my opinion).
As for size it depends on what your needs are. Do you like carrying a larger blade on your person or a smaller one for EDC? Also how often do you cut things throughout your day? - If it's only for mail and little odds and ends here and there - I'd say go with the small, its way smaller and lighter weight yet will get the job done with you forgetting it's even in your pocket, many guys with big hands use the lanyard to get their pinky on anyway, and if your not doing heavy cutting it won't be an issue in the slightest.
If you are using it for work and will be constantly having to cut things throughout your day, go with a large for ergo's (so your hand has more options on how to grip the knife) and also so you have a larger blade making your cutting tasks that much easier and comfortable.
I've gone through phases, the first 7 or 8 years I liked Smalls better. Now for the past few years I've liked Larges better, thats just a size preference, and is up to the person.
As for blade shape I'd say either the drop point or insingo - your choice.. just stay away from the tanto.
I'd say either way, get a used plain jane 21 on this forums. You will be nowhere near your $450 mark of buying a new 31. (we are talking $100-$175 cheaper) depending on small/large and condition - dont get hung up on snail trails on the scales because those will come over time if your going to be using and carrying the knife daily... Plus a quick trip to the spa for $25 will have them looking BRAND NEW again. - Just don't buy 1 if it has been modified by the owner at all, because then the warranty is likely void, which defeats the purpose, because one big reason you are spending so much on the knife is because you are buying in to the company itself, and they will be there for you no matter what, whether it be 1 year or 10 years after you bought the knife, even if you bought it second hand..... just as long as you dont modify it!
Another HUGE benefit of buying a used 21 that you might not think about, is that it is going to come to you already broken in. Meaning you won't have a stiff sebenza like they come new from the factory. Over time and with use, they break in nicely to the point that I've got both of my larges action literally like it's gliding on glass, its unreal and no other knife comes close to those 2 I own for how smooth the action is. -- Whenever I pick up a newer Chris Reeve I cant stand how stiff it is, I guess I'm just spoiled by mine at this point.
I own a large 21 with box elder inlays which is by far my favorite of all my Chris Reeve knives... it's a workhorse and still a work of art at the same time.
Don't get too hung up on buying a used knife, if that bothers you send it in to Chris Reeve for their spa treatment and they will send you that knife back looking damn near close to brand new again, for a low fee of I believe $25. It's honestly a no-brainer.
Also to touch on your point about the 31's "issues" - It's not really an issue, but funny because CRK have always touted their tolerances are rivaled by none, which had been true in the past, but now with the 31's due to the geometry of the blade and ceramic ball if you press down on the spine of the knife there will indeed be movement/flex. It isn't an issue, and the knife is still perfectly functioning, it just bugs some people, because for CRK of all companies to allow something like this after years and years of priding themselves on their tolerances by how they machine and hand assemble their products, is somewhat hypocritical some would say. -- I owned a large and small 31, and sold both. They both had this "issue" and I didn't care for it, seemed like more of a step back from the 21 as opposed to an upgrade. I also dislike the slanted clip the 31/inkosi has, and much prefer the straight clip that is found on the 21's. There really isn't a real reason to get a 31 over a 21, and honestly considering you can get a 21 for cheaper than a 31 I'd say your getting the better knife (21) for cheaper... easy choice!
I'm plenty happy with my collection of 21's and just added another small to my collection a week ago, because going forward they will become harder to find as they are no longer being made.
As far as whether its "worth it"... Lets all be honest with ourselves for 2 seconds... Its a knife... no knife should cost this much, period... people who are non-knife people would look at us like we are crazy, and honestly they aren't wrong lol your knife is going to cut the same as their kitchen knives, might not be as sharp for as long but you get what I mean, its a knife at the end of the day... but with that said, its our hobby and to us it is worth the experience we get, building our collection, or having the satisfaction of knowing I own one of the most precisely made and fine tuned knives in the world, and I can come to forums like this one and converse with all the other crazy people! - It's not just the knife that makes it worth it, but the community that you become part of.
Let us all know what you decide on! and if you do pull the trigger update us when ya get one with your initial impression / thoughts on it!