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First, it was never pinfire; it was .38 rimfire. Whether the barrel is a potential bomb or not, it is probably made from the same material (cast iron) as the cylinder, so replacing the barrel won't mean the gun is safe at any pressure over that of the original .38 rimfire and, given its age, possibly not even that.
Converting to center fire is tricky, but not difficult, requiring reworking the firing pin and drilling the frame. Some thought should be given as to whether when you are done, the gun will be capable of firing .38 Special, .38 Super, or .357 Magnum. You would not fire any of those rounds, but if someone else got hold of the gun and was injured, you could be liable.
Jim
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