You planning on doing it yourself (have the mill and tooling to use), or paying someone to do it?
If weight reduction is the aim, look hard at the carbon wrapped barrels that are available. They would likely give you the best reduction, while retaining the stiffness of the large OD.
A straight reduction of diameter to a smaller OD would be a good place to look for dimensions for your fluting. No point in not stealing the information that is readily available, eh?
For maximum weight reduction, try about a 1.5 inch ball end mill and go to town on it. Not gonna look like much though, so I figure maybe maximum isn't really what you wanted. Am I wrong?
Most of the guys that buy fluted barrels do so more for the looks than the weight reduction, I figure. The idea that they reduced the weight by an ounce or two, is a selling feature to them, but at the end of the day you can save more weight by other means, whether it's a choice of barrels, stocks, other hardware, or simply going on a diet and exercise program.
If you don't mind doing a little fingerwork with a calculator, you can work out how much you will remove, by doing a few sketches and a bunch of math to figure out the volume of metal removed, and the weight you will take off or leave behind by so doing
I say sketches, because you will have to keep track of a couple different shapes, if you go deeper than the radius of your ball end mill. The width and the outside radius of the barrel, then the radius of the ball mill by the depth of the cut past the surface, plus the rectangular shape of the area between the two arc segments. Plus the length of the cut, to calculate the volume.
Weights and measures of the materials are available online, or in reference books, Machinery's Handbook, for example, and the math required is there too.
Cheers
Trev