A bulge is a warning, that you are lucky to get, it's also a sign your guardian angel was watching over you. A good pattern is the absolute very least of your concerns. Scattering barrel shrapnel should be your first. Stupid, is at the very least expensive, at the most, fatal. You're not stupid, or you wouldn't be asking questions. Ask yourself this one, do you really want to see if stressed barrel steel can safely contain 14,000 pounds per square inch?
Sorry if I get a little twitchy when I see a topic like this. Seems I'm cursed with the morons that like to test the above theory, and others, at the bench alongside me. You never want to witness the carnage, on both firearms, and bodies that I have.
Do you need more insight than that?
Have a smith cut it off behind the bulge, and magnaflux it for any unseen cracks, and use it with a cyl bore.
As above, and have tubes installed.
Get a new barrel.