Stay away from the 3" until you are very good. No one docks points for heel height that I've ever heard of unless it's because your shoes are crippling you and you've lost technique and capacity. Many of the top pros don't go to 3" I promise you they don't. Some do because their partners are so much taller than they are and it evens it up a little.
The key in your shoes is having something that creates an extension of your own foot without handicapping you. Your feet shouldn't move around even a little bit. There should be no wiggle room. The heel shouldn't be a bother and you should feel balanced and you need to dance in these shoes until they are a part of your own foot. Most women wear latin shoes several sizes smaller than street shoes so their toes can grip the floor and add stability.
As far as Stephanie's...don't even think about it. Ray Rose shoes are very good. The Carmen was developed by a woman who is considered to be one of the top female competitors of our time. They are good but I need to warn you that you have to 'earn' these shoes. Your toes are going to bleed until you break them in. It isn't just my experience...but many others who I know that own them and pray they don't have to start fresh with a new pair so they only wear them at comp time. I like Dance Naturals and went to Italy to be fitted. They aren't necessarily the best idea because most of them are 3" heels.