I would NOT have the barrel cut and I am a known gun modifier. I don't think they are very common and the barrel profile would leave it heavy even chopped. Steel N frames are heavy. If you want big bore and light go to a 325 Scandium framed 45. Steel a chopped 1917 style gun with thin barrel.

I would guess it is worth north of a $1000 and possibly by a couple hundred or more.

Here is a modified 45 ACP "carry" piece made from a 1917 with a 1950 barrel and adjustable sights added and cut down butt.

and here is a 325PD Just 30oz loaded with 6 200gr hp and 6 spares round in 2 round clips