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First, it's quite, quite rare for someone to do this when a premium match grade barrel can be bought and installed for around $600 bucks.
Also, It's not as simple as a CNC lathe. I own two slantbed turning centers and I wouldn't be able to do this on either of my machines. A deep hole gun drill probably a more appropriate machine. In this case you'd skip the drilling portion and ream the bore to the larger caliber. Then either recut the rifling, rebutton, or broach it.
Either way it's a task that 90% of gunsmiths out there would avoid as it's just much simpler and less brain damage for everyone to just hang a new stake on the receiver.
Hope this helped.
C
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