Maybe all you need to do is to smooth up the bore. I'd pull the plug, brush it out well, and see how a patched ball goes thru. If the patch tears, you've got roughness, and the gun will never shoot well until the patches exit the bore whole.
Lapping compound on a patch might shine the bore, but it won't take out deeply rusted pits. Work from the breech end, as working grit from the muzzle end will bell the bore out, causing accuracy loss.
If you really need to re-cut, Bob Hoyt can refresh/recut rifling. He's a genius with this kind of thing.