The swivel must be positioned on the barrel so that it rests against the middle (of three) rod pipes. Otherwise, the sling will be in the way when you load the rifle.
The lug needs to be of stout enough stock to support the screw that passes through the stock. The wood cannot be expected to do any of that work. So to answer your question NO, the barrel tenon isn't enough support. On a fowling piece, that lug should be soldered to the barrel, but can in addition be set in a shallow dovetail....032" max.