Ok, sounds like you have the fiber pad done well enough to suit your needs.
A note here.... Savage 700 series and the Brownings do not use a fiber pad and rivet, these are exclusive to the Model11. I have known many of Mod 11 that go w/o the pad and rivet and if you ever decide to go w/o the pad, just make sure the rivet post is removed. The rivet is what causes 99% of the cracked bolts.
The barrel probably buldged from steel shot or a slug being ran down the wrong choked barrel. Not so much a hot load, but a resitrictive load is a bad thing for these barrels. Steel shot should never be used in Rem 11 and Old Belgium Brownings, The Savage 700 series (same as the 11 and A5) seems to have a different barrel metallurgy and I have never seen a buldged savage barrel, even ones that have been abused. The newer Japanese made Brownings can take steel shot just fine.
You will notice many of the Military used pieces that were used in Korea and Nam, their barrels are buldged all over the place due to them using steel slugs, flechettes, minpetants (small missiles for armor piercing) and a host of other bad for the Rem 11 barrel rounds.
If the buldge is not problematic and you say a smith certified it. I would buy some stress tape (most tool and die supply shops have it, if you cannot find it, let me know and I will send you some at cost) and install it in the bulge area. To install, clean the area with a solvent cleaner, then with rubbing alcohol. Peel the backing off the tape strip, stretch the strip per the instructions, apply to the stressed area. Go out and shoot standard loads, like at a clays range or something similar or what you would regularly use for upland game and such. The strip will turn a bright RED if that area is over stressed, it will remain blue or a rainbow color if no stress. You can leave the tape in place for good measure or replace now and then. But rem to check it. This same tape is used at arsenals to "proof" various rebuilt weapons. DO NOT TRY TO PROOF (high pressure or restrictive rounds) THE BARREL YOURSELF, YOU CAN REALLY GET HURT OR HURT SOMEONE ELSE.
I would suggest to get a Savage slug barrel if you are going to shoot slugs. They can be found often on Gunbroker for about $100.00 average.
If you decide to cut the barrel down, just rem legal length issues, cut square, use soft stones to crown the barrel and also use a bore measure from brownells to check what the choke is, if you want to change the choke, either install an adjustable choke or use the barrel interal bore hones to create your bore the way you want.
Hope some of this helps. My rem 11 has served me for close to 25 years flawlessly. With minor adjustments and care, your piece should last yet another generation. I am currently involved in a total restoration of a 1923 "Sportsman" Rem 11.
I will be placing some of the spare parts lots for the rem model 11 here soon, in the for sale section.
Oh, one more note on the Rem 11, next time you take down completely, soak the action spring tube in a cleaner solvent like Kroil, LPS etc... and use a .40 cal bronze.brass brush down that tube and clean it out. You would be very surprised all the junk that collects on that tube that can litterally rob performance from your piece.
Regards,
Mike