The magazine catch you display was original to the 2nd Series Challenger and carried over into the 3rd Series Woodsman for a period of time.
The negative issue with the Challenger style Lever Magazine Catch is did not need much of a bump to drop the magazine into the dirt and for some a lost magazine.
The Lever style magazine Catch will not directly fit the later 3rd Series Mainspring Housing, by design.
However, if you exchange your newer Mainspring Housing for an earlier model than indeed a conversion will be achieved.
I would ask, what exactly is your "clunky issue" with the snap catch that Colt felt was superior to the earlier lever model?