Forming .090 thick steel is not much more of a challenge than the thinner areas of the barrel. Barrel steel is malleable beyond most people's understanding.
I would not recommend simply removing metal from both surfaces as the fix. My approach would be to put as much metal back into shape as possible first to minimize metal removal.
And Joe, I have a taper pin reamer already ground for a 12ga chamber and you're welcome to use it, but I'd avoid using it for this fix as I believe it can be done with more finesse than just cutting and filing metal.
Another thought, I'd get a wall thickness gauge on that specific area to validate that the wall thickness is adequate before proceding. It's suspicious that the bulge is on only one side.
Last edited by Chuck H; 01/29/13 10:22 AM.