I would think that unless the compensator ID is vastly oversize, you might not have enough size on the sleeve to cut both the internal and external thread. Which would mean you would need to bore out the threaded section on the comp just to give you enough metal on the sleeve to work with. And of course would have to re-thread the comp.
If it was me I wouldn't do it. I'd just get the right sized comp, or a matching barrel to the comp you have. But technically it is doable, just way to much work for my liking.