I've been working hard to get my .38-55 Model 1871 barrel to shoot. Had I known what I was in for (time & expense-wise), I'd have chosen another caliber!
What I've learned so far:
H&R chambered & rifled these barrels per the 1870's chambering specs for paper-patched bullets. Why? Who the heck knows!
Did a chamber cast since it was previously owned - think the chamber has allready been reamed to .400 - which appears to be a good thing since most guys who handload for these barrels have either reamed their's themselves or sent them back to H&R to have it done (before the last change in ownership.)
Forget .375 jacketed bullets - too small to properly engage the rifling. If you want to shoot jacketed, then you have to try more expensive .377 bullets by makers like Barnes & Hawk.
Working currently with Hawk .377 255 gr. FP bullets - a few preliminary loads shooting MOA using Reloder 7. Trying Hawks because they have soft & thin jackets and are more likely to expand in deer at .38-55 velocities.
If you want to shoot cast bullets (I'm working on that next) then there are lots of load tinkering possibilities. Tons of info on the Cast Boolits website. Almost all posts say .381 - .382 sized bullets are necessary.
IMHO - Knowing what I know now, I would not buy a .38-55 barrel just because I had lots of .375 brass. I'd buy it only for the interest & challenge of reloading an unfamiliar cartridge.
Another reason I bought this rifle was that it came with a second, factory fitted .375 Mag barrel (possibly soon to become a Maximum.) Compared to the .38-55, these are easy to reload for, and would be good enough for deer out to 200 yards. The .38-55 barrel might be fun to relegate to black powder loads & cast bullets after I work up a good jacketed "hog-whumper" load.
Best of luck, Andy