Maybe. I have a Series 70 Colt Govt that a previous owner had ported. As a direct result of that, NOBODY wanted it when he put it on consignment. After it sat in the case at the LGS for well over a year, I offered $269 - and bought it. It shot about average, but loaded up with residue in about 100 rounds. It would fail to go into battery, and was a huge PITA to get apart when it was gunked up. I considered making it a dedicated .22lr, but decided to change out the barrel and bushing, and fit it myself. I bought Ed Brown parts from MidwayUSA. I have a decent lathe, and that came in handy. I got some great advice here, and ended up with a nice, tight, very accurate gun for very little money. It shoots far better than average now, and I have the satisfaction of having done it myself. See
http://www.thehighroad.org/showthread.php?t=649117
It was a $200 gamble - the cost of the barrel and bushing. If I'd messed up the parts I'd bought and thrown them away, I was out the cost of those parts and the time it took to mess them up. The gun itself was not at risk, and I could throw the Kimber .22lr conversion back on it and pretend that was my plan all along.... and still have the experience of trying. Go slow and test-fit often. I used the lathe to hold the barrel - all the metal removal was done by hand, even cut the hood by hand-turning the lathe chuck and cutting a thousandth or two at a time.
I didn't do a perfect job, but it shoots great. The slide is still ported, but I don't care. The barrel and bushing are not ported, eliminating all the crud loading the bushing. Those two little port slots don't bother me, and it shoots great. It runs flawlessly, isn't picky on ammo, and shoots great.
Did I mention it shoots great?
There's no guarantee that yours will turn out as well as mine did - you may do better!