Shooter or not, I think for two bucks you got a deal!!
With out knowing the pedigree of the metal, I would call it a decorator. Check at the local scrap yard and see if they have one of those metal anlayzer and ask them to check and see what your barrel is made of. Best way to approach them is to not just call up and ask them if they will check it-they say no, but walki in with it in your hands and ask them. They will go ooh and aah and say sure.
Once you know what its made of then you can decide what to do with it.
The other issue is the diameter of the current bored hole and the diameter over the breech. You don't want the bore to exceed 1/3 of the breech diameter.