Easier and more versatile is to add a .22 lr barrel insert to the existing 12 ga. barrel. These devices used to be common accessories in Europe to round out the capabilities of German drillings and combination guns. Although there may be several makers, the main manufacturer I remember was Kreighoff of Ulm, West Germany.
I once copied their design and made one for myself to fit a drilling that I own. The beauty of such a device is that it immediately installs in a shotgun barrel, uses the shotgun firing pin to hit the rimfire rim, and it can be individually regulated to the same point of aim as the other barrel (which allows you to use the other barrels' sights). If you don't need the .22, but would like the 12 gauge, a simple allen wrench will remove the insert. The whole device fits in your game pocket, so you can choose in the field whether to install it or not depending on the circumstances.
Such devices are not cheap if you can find them, but if you are a journeyman machinist with some time (40-50 hours) on your hands, making one is a possibility. However, to put things in perspective, you are looking at a challenge to find or make such a things (I won't sell mine). Still, this would be cheaper and better than rebuilding a Valmet in my opinion. I think there are other insert barrels with more permanent fitting and possibly with better ballistics and lower cost, and you might search them out.
Scott