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What is the switching throughput for the WS-C3550-48-EMI? According to Cisco datasheet, it's 6.8 Gbps maximum forwarding bandwidth.
Where are you seeing that? From the datasheet I see: "13.6 Gbps switching fabric (Catalyst 3550-48)" and "10.1 Mpps forwarding rate for 64-byte packets (Catalyst 3550-48)" (I also see same values on an old switch performance comparison sheet, http://www.cisco.com/web/partners/downloads/765/tools/quickreference/switchperformance.pdf.
What do you guys think, is this a better design?
Use the 3550 as a router on a stick forming a dual gig Etherchannel with the 2970G.