I have done this on dozens of barrels and it works just fine. I have threaded a used barrel to 7/8x 20 TPI or 15/16x20 (depending on the size I was going to) then installed a sleeve which was then threaded for whatever. I have enough 4140 barrel stubs around to constitute a lifetime supply of material. On one mauser barrel, the owner had screwed up the threads in a home gunsmithing attempt. He brought it to me and I threaded it to 7/8x14 then sleeved it with a lug nut (these are a grade 8 nut and are darn tough). This was twenty years ago and the rifle (a 338 Win Mag) has shot a lot and it's still together.
I have done this on barrels chambered for all sorts of cartridges from 222 to 375 H&H and 300 Ultra Mag. I even corrected a 300 WSM with an oval chamber by recutting the receiver threads to 1 1/16x16 then sleeving the barrel threads and re-installing it. Worked great.
I think it's important to make the threads on the barrel and sleeve a very close fit and I Loctite the sleeve in place. Regards, Bill.