I don't know if they would reuse a M91 Action to make the M38, but they could if they wanted to. The 7.35 is just a necked up 6.5 case.
There was a M91/38 in 6.5 Carcano. Note the M91 had progressive rifling in the bore, so shorteneing the M91 barrel is a waste of effort.
M91 sporters are also not going to perform with a shortened barrel. Alos the 6.5 carcano bullet diameter is 6.77 mm (0.267 in) were as
the 6.5 swedish bullet diameter is 6.71 mm (0.264 in).