If you have a garbage muzzle end that's shot out (i.e. you can insert an x39 bullet nose-first and go all the way down into the barrel until the case stops it - I'd do it. If it's still reasonably tight, it may not be worth the trouble.
However, if you want to do it to learn something (like learning how to chop, thread or re-crown a barrel by yourself), by all means, go for it. I did it to my Mosin (you hear that? that's the sound of purists shrieking) and i'm very happy that I did.
I'll probably go the route that Murray did and remove the bayo lug, and I might chop the barrel and recrown it as well in the future.
It's your damn gun. Do what you want!
But for the love of god, don't ruin the real collectors like Finnish Mosins or Yugo SKSs or something.