Absolutely the full underlug can be ground off
However, it probably will not look like a Factory barrel, but that is mostly dependent on the skill of the person doing the grinding
I am guessing that you want a 5" standard profile appearance, otherwise you would probably just be asking about a barrel swap for a 4" 629 barrel
You might want to use the search function. I do recall a few threads on grinding the Big 500s to a more traditional looking profile. That might give you a provider or two that you can contact about the project.
Here is my 686-4 with a new 6" barrel that I "half lugged". Also a 4" barrel that's been "lugged" but I don't have a gun to put it on yet. The profile of the 686 is the same as a 629 full lug so your gun would look similar to mine except it would be 5" long.
Have you thought about having a competent machinist mill the underlug flat and have a place to mount an accessory rail? I've had that hankering in the past and have a place to mount a light..
Seeing as the OP is going for a better look, that would be a step backwards.
1/2 lug is the way God intended a large-frame DA revolver to look.