Personally, I would not cut the barrel down, especially if this is one of those old Dixie Tenn. fullstock Rifle's that Kirkland Turner started out offering way back when.
The other thing I would be concerned about is the make of the barrel. I don't know, it might have a Douglas on it and you need to be careful cutting those back to get the lands & grooves at just the right place at the muzzle. Otherwise a Douglas will shoot goofy. It's always best to cut a Douglas from the breech end.
If it's a Numrich, you may have some concerns with it's center bore?
IMHO, I would get a new barrel in a larger caliber for less weight. Green Mountain, Rice, or an Ed Rayl. Check with Track of the Wolf.