Like you mentioned, unless the bulge is in the last few inches, it usually doesn't have too much of an effect on accuracy. I've had a couple of Pistol caliber lever action rifles with bulged barrels due to squib loads. They have all shot extremely well, and the defect was only noticed when running a cleaning brush up the barrel... I preferred to think of it as an expansion chamber!
One gunsmith I know uses a modified tube cutter ( minus the cutting blade off course) to ever so carefully reform the barrel back to round.
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