Possible? Yes. Safe? Probably. However, Alan had it dead on - the cost of such a conversion would soon exceed the cost of a comparable original gun in .38 Spl and would destroy any remaining collectibility in your .38 S&W, not to mention it probably wouldn't shoot as well. My recommendation would be to clean it, oil it, shoot it as is, and go find a .38 Spl.
Larry
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