There is another option that I forgot to mention; you can cut the barrel off ahead of the pivot point (ahead of the lump), bore out the stubb and soft solder a new barrel into the stub. There is enough surface area that there should be no problem of the joint holding as long as to stick to a light caliber like a 38 S&W. I would not chamber the gun to any "hot" modern pistol shell because I don't think the action is particularly strong. You may also want to have the firing pin bushed and go to a smaller pin tip diameter since I am guessing the old pin is close to 1/8" diameter at the tip
cheers mooncoon
cheers mooncoon