A 3 1/2" shell will not withstand any more chamber pressure than a 2 3/4" shell but the weight of the extra 3/4" of shot will cost you muzzle velocity. Redneck is half right. Range is determined by shot size ...and muzzle velocity.
The 3 1/2" shell will have better shot density for as far as it will shoot, but it won't shoot as far as a 2 3/4" shell loaded with the same size shot.