I don't mean to tell anyone what they should, or should not do. I have been machining for some years now, and I love to tackle a challenge. I also own a few firearms, and I love nothing more than the customization and fine tuning of things I enjoy. However, a friend of mine lost half his hand and 60% of his hearing after performing a modification to the works of a high power falling block rifle. If he had consulted any gunsmith first, they would have told him not to. I gave him advice on fastening, and machine work. I don't want to give anyone bad advice. I do not mean to offend.
But if you choose to machine this barrel, here is my advice.
Use a lathe with a live center, or sub spindle. Before starting, put an indicator on the OD and turn it by hand to make sure it is true. Do this at both ends, and in the middle. If not true, softly 'bonk' it with a dead blow, while rotating it until it is true. Concentricity is important, as it will compound over such a length. Make sure the piece is tight and secure. I would use a carbide T&F tool of about 80 deg. with a .016 TNR. Smaller the nose, the less deflection youll have. But the 80 deg. will leave enough beef to get the job done. TiN coated is the way to go. If the barrel is stainless, you want your rpms and feeds a bit different than if it were some other form of steel. Machinery's handbook can give appropriate feeds and speeds for turning mtl's at specific diameters. Some tooling manufacturers also give recommended feeds and speeds for their cutters. Youll want to calculate a bit slower and lower. To avoid chatter, take off more per pass, at a slower rate. Work hardening will make cutting miserable. If possbile, use flood coolant. If not, brush cutting oil or soluble oil on while cutting, in front of tool path. There will be much deflection, so you will want to make several passes. You might need to add taper to the program to compensate for deflection. You might also need to change feeds and speeds part way through like steveh said. It would better if you had a setup part to try. I don't know if any of this helps, but if you want to talk CNC programming, drop me an email and maybe I can help.
Carthius@galaxy5.com