Back in the 60's Westley Richards sleeved a lot of guns that were by todays standards awful . Thing to remember here is that sleeving was considered a repair ,that's all, to make gun last another 10 years as a cheap alternate to rebarreling so no real attempt was made to make it seem other wise . As time went on prices rose as did the quality of machining ,no more holding the back end in a wooden clamp and reaming out with a reground chamber cutter and facing off with a piloted cutter . Customers demanded better and they got it so that modern sleeving is largely undetectable on sight .
As to the question of steel shot ,problem is that the proof charge is the same as a magnum and it is a matter of whether the action will stand that pressure .