Old Fluff,
Lots of people like nickel plate, but to be more than shooting value it must be original factory nickel. A re-nickelled Victory has no collector value, and it is going to bring in less money than an arsenal refinished gun.
I don't see Bill Larry as an idiot either, or at least no more of an idiot than the rest of us. I speak from personal experiance, when it comes to trying to make one of these guns fire .38 special - you quickly find yourself spending more money on the conversion than what the gun is worth.
The exception would be if he found an inexpensive cylinder that just happened to fit without much gunsmithing, and accuracy was acceptable using the existing barrel. I hate to bring this up because the chances are very slim of finding said cylinder unless you are very knowledgable of old S&Ws.
As I have personnally been through this when I was younger and less informed, I believe everything I have told Bill Larry is sound.
Bill Larry - I hope my posts do not appear insulting, as they are not meant to be. They are just the facts, and they are not sugar coated or viewed with a nostalgic eye. I've been in the same situation as you and I wish someone gave me the facts before my adventures in re-chambering.
And remember - S&W made millions of M&Ps and Model 10s in .38 special. If that is what you really want, it's not too hard to find a reasonably priced one in good condition.