If you are referring to a 4-6" (probably 5") barrel K frame Victory Model in .38 S & W, two possible scenarios but neither particularly nice. One, many of these were converted to fire .38 Special by reaming the cylinder bores to accept the longer cases; the problem is the Special is of smaller diameter than the S & W case, so upon firing the Special cases may crack. As you noted, the other option of changing out the cylinder and barrel is possible, but you may be looking at spending close to the cost of a complete/original gun in doing so. The .38 Special bore is .357 and the S & W is .361, but some report an S & W to Special cylinder change alone allows for decent accuracy. Hope this is helpful.

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Alan
SWCA LM 2023, SWHF 220