steelyblue - You are correct it has been done with a RIA by an aquaintce of mine. I believe it was a little more in depth than just a bbl and mag swap, mainly fitting and the like, but yes it can be done.
uneasy_rider - If you would like, I can contact him and ask what all was entailed. I know he started off with a GI .38 super, he installed a beaver tail, commander hammer, trigger, barrel, sear, and your usual bolt ons. Also it was his first gunsmithing project to my knowledge.