If it is of 1894 manufacture, I have two thoughts;
1. if in good shape, it probably has some value that might diminish with any change.
2. Is it in .32-40? If so, and the barrel is good enough to shoot, just use it as is. .32-40 is a great caliber on its own and not difficult to get going. There are good .32 moulds available, dies are common, and cases are easily formed from .30-30 or .32 Special.