There is nothing in federal law that makes you keep the original barrel length, overall length, or caliber. Those characteristics are the state it was in when it was transferred. Many people keep the parts to restore the weapon to the configuration listed on their Form 4, so the next Form 4 will have the same listed configuration, but there is nothing that requires the configuration to stay the same. If you sold your 20" upper, and replaced it with an 11.5" upper, then decided to sell your MG to another individual in your state, his Form 4 would list an 11.5" barrel length, and a corresponding change in OAL. ATF maycontact you to verify the charges, but no big deal.
The value of your MG has very little to do with its current configuration. Its value is mostly due to being a transferable MG.
Factory Colt MGs probably benefit from being in the original configuration, with correct parts.