Stock FZ6 gearing is 16/46 or ~0.347.
Going -1 in the front changes this to 15/46 or ~0.326.
Now if you were to only go +3 in the rear you would have 16/49 or ~0.326.
So to answer your question, going -1 in the front is approximately the same ratio as going +3 in the rear. A common mod is to go -1/+2, which is 15/48 or 0.3125. The lower the ratio the quicker the acceleration and higher RPMs, however you will have less top end speed. There is no catch, only that going -1 in the front is a quicker/easier install IMHO than going +3 in the rear.
Also regarding your chain questions, usually a change is made to a 520 chain to save weight as they are lighter than a 530 chain.