I had considered doing the same a while back but haven't found the right deal on the right gun. There are a few nice examples here on arfcom so maybe someone with more knowledge will come along with more info on cutting them back. I had two concerns. One was the fiber buffer in the rear of the receiver. They tend to degrade. If yours is fine then it's not a problem. But if they do degrade badly, the gun will beat itself to death. From what I gather, the first sign of a problem will be a crack starting at the rear of the charge handle slot. The second worry was that since these are long recoil operated guns, I worried about removing too much mass from the barrel. Again, without enough mass in the recoil system I was concerned about the gun beating itself to death. The first concern is a known issue, but is easy to check. The second one may just be me worrying about nothing. IDK.
On the mag tube. I believe that they had two versions of these guns. One with a limited magazine capacity. Maybe called the Sportsman??? Not sure. But it can't be increased. The other standard model will accept a standard mag tube extension meant for an 1100. There's a few pics of those floating around too....
They're neat old guns no matter what you decide to do. It's yours so just enjoy it. They aren't exactly rare anyway.