Yes. If you have a 16.1" barrel that is one option. You could also remove the bayonet lug and have Kurt's Kustom Firearms, Wilson, Bushmaster, Cav Arms etc. permanently install an ATF approved post-ban compensator.
If you're converting a pre-ban 20" barrel you could have the threads "cut off" the barrel simply by taking off the first half inch of the barrel. You would have to have your barrel re-crowned after doing that.
Is your barrel chrome moly or chrome lined?
A chrome lined barrel would probably do better by having the threads turned off as you described.
A chrome moly barrel would give you some other options.
P.S. I once converted an old FN A2 chrome lined barrel by chopping and re-crowning. I then added one of those whacky set screw Smith compensators. It shot 5 moa and chewed up a lot of Wolf, so hey?