Hi Jim...
I almost did the 40cal thing like you instead of 9mm types with this 1911, but had an old 9mm barrel and that got me started.
I will be using seperate bushings for each barrel to avoid any problems with fit as much as possible. Fitting the lugs is a more tiresome process, but I might get lucky. I put a Bomar type adjustable sight (from STI really...) on the rear of this one and a fiber optic (green) in the front dovetail. It shot great with the old 70 series 9mm barrel I have, but it has a narrow and short (National Match I think) shroud and cannot be fitted to the slide properly without welding it up and recutting it, so I got another new 9mm barrel that I am messing with also. It fits pretty good now, but I need to re-cut the feed ramp of the barrel as the rounds nose dive into it and won't feed correctly. One of the 38 Super barrels is nearly fitted up, though I will have to relieve the bushing a bit as I am not getting enough drop under the slide when the action cycles, and it too needs a little feed ramp work. The third barrel (another 38 Super) I haven't even started on yet as I need to re-chamber that puppy for the 9X23 and I don't have a lathe handy but do have a 9X23 reamer. I read somewhere online that you could do it by hand as there is not much to remove, but that doesn't seem right to me... it is metal after all, not balsa wood! Have you done this?
I built a 45 and 38 Special wadcutter gun years ago when I was in gunsmithing school. It used the same ejector and extractor for both calibers, though getting a weak enough recoil spring that was still long enough for the 38 Special wadcutter setup was a chore. I think I made one. If I remember, the prescribed load was only 2.0 or maybe 2.2 grns of Bullseye with 148grn hollow based lead wadcutter but I got it to cycle reliably. It was a great gun and the wadcutter barrel won me many a "turkey shoot" at 25 yard targets. It was a local police department sponsored shoot and so they handed out 5 rounds of the Bullseye load you had to use in order to participate (they all had 38 Special revolvers then), thus I had to tune the gun to the load.
Some guy burned down my house though (to cover a theft... he was actually after my stereo, Phase Linear 700 amp, Citation 11 pre amp, Voice of the Theatre speakers, Akai reel to reel tape deck... none of you probably know what that stuff is anymore, but if you played, say, Edgar Winter's "Frankenstein", sat in front of it and cranked up the volume, you wouldn't have to comb your hair for a week!) and ruined the gun or I would have it still. He also burned up a High Standard Military Citation 22 that I had just completely rebuilt, blued, and inlaid gold fill into the lettering on the slide. I'm still mad about that one! It was beautiful! I still have it in an old tool box. It is mostly a rusted hulk from the firemen's hoses when they put out the fire, and sad reminder of that day long ago. It breaks my heart to look at it now.