Depends on how much you want to spend and how good you want it to look. Obviously the cheapest route would be to have the bbl cut down.
But the best route IMHO would be to have it rebarreled with a nice 3-lugged bbl (or Navy bbl with lugs and threaded) from Murray Urbach. When I bought my Navy bbl it was about 3 years ago, and it cost $225, so the price may have gone up, but it's still less than the $500 you'll pay for a used genuine HK bbl, and will do just as good of a job.
Of course you will have to pay to have the bbl installed and the gun refinished, but while you're at it, you could have the gun restamped 'MP5' and add the paddle mag release if you wish. This will all cost you a bit, but if you go this route, you will have the closest copy of the real thing, minus a registered sear.
Good gunsmiths will charge a lot and will take a while, but it will be worth it in the end. Murray Urbach, Terry Dyer (if you can get ahold of him) are the best two, but there are other good smiths out there.
One to avoid is Jim Gravitt of Pro-tech engineering.