Okay Armor interesting on the 321 thank you. You are quite right, the 321 is not an emulsion type but instead uses a second, floating, piston inside the main shock body, to separate the damper fluid from the gas it needs to compensate for shaft extension.
The Ohlins product page for the 321 is
here.
There is no compression damping adjustment but that won't be an issue for the OP if it is valved right in the first place.
I think you are correct and this would be an excellent option for a good price. For the sort of use described the external reservoir is not necessary.
My only concern is whether Ohlins has got the compression valving right. But there is every chance it will be way better than the stock S4Rs unit IMO. And if it is not right, a good suspension shop can still help.
Ducpainter - yes, the OEM S4Rs shock is overdamped on mid-high speed compression, IMO. Don't think it is undersprung. My experience with the DU333 compression stack is that it too is overly firm in that area - even though it looks good on a shock dyno. My guess is it can't quite handle the effective rate-rise of the Ducati linkage, but that is just a guess.
Goat herder, as others have said, you do not need to be doing track days to feel the benefits of a good and nicely set up shock. In fact IMO it is the other way around: most riders would notice a much bigger benefit in road use than in track use.
The peculiar thing however with suspension is that the better it is, the less you think it is doing.
Or to put it another way, the experience is not directly that the suspension is really great. The direct experience is that the road is really smooth (even though it looks rough).