Hate to break it to you but the Commission 88 aka GEW 88 is not suitable for modern high pressure cartridges due to its metallurgy and perhaps problematic heat treatment--basically case hardened carbon steel (although I am sure that some people have done so). You are talking about the metallurgy of 1880's and early 1890's here.
I suspect that your firearm's previous owner put a small ring Mauser barrel on which has a shorter shank but same general thread pitch and close to the same (.980" v. .986" (original GEW 88 specs)) diameter which is why it might have headspace issues. A small ring Mauser barrel will screw into a GEW 88 receiver but the barrel shank on the GEW 88 is .720" while a Mauser 93 etc. is .645" in length.
Now, the 8mm Mauser itself is no slouch and would take down most animals found in the US. The major reason that some rebarrelled them apart from being cheap is 8mm used to be hard to get and a lot of people complained that 8mmx57 is underloaded in the U.S.. That is because the original GEW 88 used .318 bores J bores instead of the later .323 aka S bores. Firing a modern hot (Euro loads) 8mm x57 round in a GEW 88 with a.323 diameter bullet is a blowup waiting to happen. Europeans distinguish between the two on the ammo box. The U.S. mfgs did not believe that Bubba was smart enough to buy the right ammo and thus underloaded it pressure wise so that Bubba could not sue them.
Your options are--A) rebarrel in a suitable pressure cartridge of the era but not sure how it would handle rimmed cartridges because the GEW 88 uses a clip feeding system like a Mannlicher. A 7x57 Mauser, a 7.65 Argentine/Belgium, or an 8x57 Mauser might be suitable if you use ammo loaded to the original pressure limit of about 35000 psi. The 1905 revision of the GEW 88 included rebarrelling for a the WWI era 154 gr 8x57 and these barrels are stamped S at the breech end just before the barrel shank. Sarco did have some carbine barrrels for the GEW 88 in 17.5 inch barrels but not sure whether these are S or J bores (look under the Mauser section as I don't think that they have a separate section for Commission Rifles). Numrich also has some of the long issue barrels but not sure whether these are S or J barrels as well. Prices for these were under $100. These barrels are pretty thin as the Germans used a steel jacket barrel shroud which had the sights on these. I would not D&T these barrels or cut dovetails etc. for safety reasons. Sweat on front sights coupled with receiver sights or scoping could be an alternative apart from reinstalling a barrel shroud.
B) Part it out--depending on the condition of the bolt (there are some Chinese made bolts and receivers that are absolutely horribly made), the bolt alone in complete condition (assuming Bubba did not screw up the bolt head in the conversion) brings 150-200 on fleabay and so forth.
C) pay a gunsmith to take a barrel blank and make a new barrel for it--I suspect that a small ring Mauser barrel could be adapted pretty easily via a bit of lathework. It will still not make it appropriate for a modern high pressure cartridge but it will probably have superior accuracy and perhaps safety over a 1890's era milsurp barrel.
D) Send it down the road by selling it and avoiding a money pit. Buy a modern rifle that shoots .308 at the low end. It will be more accurate and certainly more safe along with costing less.
E) Make a wall hanger out of it. Shot out barrels are around, etc. to make a good conversation piece.
Here is a discussion about that very topic:
http://www.sporterizing.com/index.php?/topic/3300-gew-88-sporters/