The only way to be sure of the barrel is to have the steel analyzed by a metalurgical lab. This question is ask often enough maybe someone can contact a lab to see what the cost would be then everyone interested could chip in and get it done, then sticky the results.
AISI 1137 is plain cold rolled steel, Hi sulfur, Lo phosphorus, 37% carbon, no Chromium, moly or vanadium, 95K psi tensile and 85K psi yield strength, 187 Bhn. As such it isn't as strong or as wear resistant than 41XX steels, but plenty strong enough for 17 cal up to 17 FB/17 Mach IV. I wouldn't do a 17 Rem just because of the higher pressure and heat generated would wear the barrel out that much faster, and someone would have a brain fart and push the limits beyond all reason. I wouldn't spend the money to have a 'smith re-chamber a RF barrel, but I can do the job for less than 50 bucks so it is worth the cost of the rental and the knowledge gained.
I will do a 17 HMR to 17 FB sometime later this month...I still have two boxes of RF to use up before renting the reamer. The only thing you have to do is re chamber and use a SB2 CF frame and maybe adjust the headspace.
The accuracy of the barrel is a function of the chamber alignment and several other factors so whether this re chamber will shoot or not depends on how straight I get the it and the barrels original potential. I've re chambered several barrels with off center and wobbled chambers to larger cases...some came out great while others didn't do so well...but all were well within "normal" hunting accuracy.
I just finished a stub frame and 3 barrels...two on old takeoff Douglas barrels previously a 6mm-284 and 22-243 Midd. I have a set of 6mm BR Redding bushing FL dies so rechambering the barrels to 6mm BR and 22 BR was a no brainer, plus 7mm BR brass is still available and much cheaper than 6mm or 22 BR brass (if you can find them). Both barrels will end up 17"...I wanted a short handy rifle plus getting past any major wear from the hotter wildcats...and this is a "check it out before spending major bucks" project. I am learning a lesson a minute with the three barrels. The last barrel is a takeoff 22" .223 Ruger SS #1 taper that never shot worth a hoot due to an off center and wobbled out chamber. I sent it back to Ruger once for warranty but they didn't get it right so I just pulled the barrel and installed a Shilen.
I just ordered brass, dovetail locks and extra frame spacers so when the brass comes in I will rent reamers for the 22 and 6mm BR and get the barrels chambered, probably by the end of next week. I will do a hanger system for the for ends with a pillar in the wood.
This is an interesting project...for me at least...and I will post my results good or bad as time goes by.
Tried to post a picture of the rifle and barrels but with my slow dial-up, the ad and picture intensive screens, and my luck, that was a no go. It takes long enough just posting a reply.
'Njoy