I've cut down a good barrel from a Remington 700 threads down to smaller metric Browning A-Bolt II threads. Worked perfect. Barrel shoots amazing, and zero issues. As long as the outside diameter of the new threads is smaller than the tenon diameter at the bottom of the old threads, you should be fine.
Worst case scenario, you chop the old threads off, and thread a little bit farther forward on the tenon, and then recut the chamber. If you have a smith willing to do that for a very reasonable fee, then It will be cheaper than a new barrel.
So, to answer your question, YES, it can be done... If it will be cheaper than buying a new barrel, then it's worth it, if it won't be, it might be best to sell the old barrel in-tact and then recoup some of the cost of a new barrel blank.