Like Mr. Traveler pointed out, doing what you propose would leave you with a barrel/cylinder gap of about 1/10 of an inch. Kinda excessive!
Such a barrel could be made to fit but it would involve turning down the barrel's shoulder quite a ways.
Custom gun work, like it would take to get the gun you want, is expensive. You will be looking at several hundred dollars to modify the barrel, ejector rod and sight just to make them work. About the only time yu can do this on the cheap is if you can do the work by yourself.
S&W made a gun that would look much like you are after, the Model 65 "LadySmith." Basically, it is the gun yiou are looking at now, but in .357 mag with the ejector rod shroud already there. The "LadySmith" marking on the side would come off or be obliterated with a bead blasting.
There is a picture of one here:
http://smith-wessonforum.com/e...821000833#5821000833 . Scroll down the page a bit.