I had a 14 gauge flintlock shotgun when I was a teenager that had a barrel made out of tubing. The barrel on this pistol is almost certainly not tubing. It is very nicely tapered as I noted before, which is why I bought it. I would bet it is the leaded steel that machines easily.
I have decided that cutting the barrel properly is not going to be such a simple issue. The octagon portion is 4 inches long, or 1/3 of the overall length, the round part being 8 inches. For the proportions to remain correct, I suspect about 3/4 inch needs to be removed from the breach and 1 1/2 inch from the muzzle. It would take a machinist to cut and rethread the breach. I would be pleased to pay someone to cut and rethread the breach. I had been thinking of inletting the barrel and after shaping the stock, then deciding if I want to shorten the barrel, but it is obvious that at least the breach part needs to be done now.