Thanks to everyone for their helpful replies. I think I'll contact Steve Bertram, as repairing the barrel is the option I most like as it best preserves the value. The bulge isn't bad, but noticeable. There's no cracks or breakage, and no separation from the rib. It may very well be repairable. I'll contact Steve and see what he can do.

Thanks again
Kelly Harriger
Harriger55