I'm generally not a big fan of spending any money on a factory barrel but if you are doing the work yourself and there is enough shank on the barrel to cut off set it back and rechamber to 20VT you could give it a go. If you plan to shoot 32-35gr bullets it being a 12tw shouldn't be a problem.
Any idea of round count? Does it shoot well now as a 204? Even doing the work yourself those would be helpful determining factors. If you're looking for a project, you can do the work yourself, and the barrel doesn't have a ton of rounds through it, go for it. The worst you'd be out is your time and it's not like used factory barrels have a whole lot of value so there's no real loss.
If you aren't doing the work yourself and you have to pay someone to chamber it I'd opt for a new barrel.
As for shooting suppressed versus unsuppressed, even if the critters do nothing different, not having to wear ear protection all day makes it worth for me.
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