The old Douglas barrels are certainly desirable, but I don't think they are necessarily all that scarce. John Shaw (the OP) listed several reasons he didn't want to separate the barrel from the rifle. I think if having the barrel rebored to a .54 smoothbore would afford greater pleasure in shooting, it would be the right thing for him to do. If it were me, I would probably have it bored to .55 caliber, as this would be a true 28 gauge. Shotgun wads and cleaning implements (jags, brushes, etc.) and load data for 28 gauge are readily available. For ball size, .535 ought to work, and both balls and moulds for this diameter are out there.
My dad taught vocational agriculture, which got him out into the countryside visiting farms. Dad also had an interest in old guns. Some time in the 1950's, he was on a field visit and met an elderly gentleman in Baker county, Florida. This man had an "old rifle" and he told dad he wanted to have it reamed out to a 20 gauge smoothbore, as this would be more useful to him. It turned out to be an original Lancaster rifle by Christopher Gumpf. It had been converted to percussion, and somebody had screwed down the patchbox lid, but it was otherwise pretty much intact. I think dad traded him a breechloading shotgun for it and they both walked away happy. We still have that rifle in the family.
Ned Roberts told the tale of an old hunter of his acquaintance, named William Story, who had a Lancaster piece, originally flint, that had been converted to percussion. It was unclear if the gun was originally a rifle, or if it had been purpose-built as a smooth bore, but Story described it as "...a 'smooth-bore rifle,' 36 to the pound," and it "...shoots good with a round ball and greased patch, or with buck shot or small shot." A round lead ball of 36 to the pound would measure 0.506". Allowing for some windage, the gun was probably about 52 caliber.
So, there is historic precedent for making a rifle into a smoothbore as the owner gets a little older. Maybe John Shaw will have Mr. Hoyt ream his barrel smooth, and then let us know how she shoots!
Notchy Bob