A bulged barrel is completely safe to shoot, in any caliber. It survived far higher stresses when the stuck bullet was shot out of it, if it didn't fail then it isn't likely to.
It may have an effect on accuracy, but not likely. I have a S&W .32-20 with a badly bulged barrel, not to mention generally rough from being "Rode hard and put away wet". This is one of the most accurate revolvers I have! I had a brand new, never fit, barrel that I thought would improve the guns accuracy. After installing it the gun, with an apparently perfect barrel, was not nearly as accurate with the badly worn and bulged one.