I bought a KKM 3.5" barrel in the .357 Sig persuasion for my 2.0 40 cal. Shot it last weekend and everything worked perfectly. Zero FTFs. The barrel is the only part that needs to be changed. So I keep the .40 cal. barrel in the gun bag, together with a couple of mags full of .40 cal ammo and I'm good to go.
I did exactly the same with my 4" M&P 2.0 .40 cal. That gun also runs flawlessly with the .357 Sig barrel/rounds.
I called the KKM guys before ordering. The rep spent time with me to discuss my questions, etc. He then made a barrel that fit my needs...much better than buying over the internet only to later discover what I bought wasn't what I wanted/expected.
Only caution: the M&P 2.0 .40cal magazines are occasionally difficult to find. I like to take 5 or 6 loaded magazines to the range, so I loaded up on these mags when I finally found them (that was last year - they may be more broadly available today).