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Actually, the marking is not for the proof load pressure, but the cartridge mean working pressure, and that figure is about correct. If the gun is an S&W M&P ("Victory Model"), it was made in .38 S&W for the British and .38 Special for the U.S., so it is perfectly capable of handling standard .38 Special pressures (not +P or +P+).
SAAMI proof pressures are assuming modern guns. I guarantee that many old iron guns made for .38 S&W would come apart at 17k psi, and the cartridge is not factory loaded to even half that pressure level.
Conversion of a .38 S&W M&P model (Model 10 later) to .38 Special is not recommended as accuracy is poor and there may be extraction problems with swolen cases, but there is little danger and hundreds of thousands were converted. The collector value, as already noted, is adversely affected by such a conversion, though. Conversion of any other .38 S&W caliber revolver, such as an old breaktop or inexpensive solid frame revolver would either be impossible or dangerous.
Jim
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