I like option two. Who needs 3" anyway? 
Why? They made tens of thousands of them; they aren't anything special.If you want a tricked out shotty, get an 870 express. Wingmasters should be left alone.
Winner! There is nothing better than the old WingmastersIf you want a tricked out shotty, get an 870 express. Wingmasters should be left alone.
Again, I don't see why a Wingmaster is anything special; Remington recently put out it's 10 millionth 870; I'm willing to bet at least 10% of these were Wingmasters...Winner! There is nothing better than the old Wingmasters
I'd offer some trades if you were local
The research I've done seems to point to 3" barrels working in the 2.75" receivers; however, since I'd prefer to keep it all a similar finish, and finding a blued, 18" cylinder barrel darn near impossible...I'll probably just chop the current one down. Actually, it's far cheaper to go that way as well...guess I am a Visigoth.Not that your wingmaster has the intrinsic value of an old A-5, but they are far superior to the modern or new 870's being sold today. The metal, workmanship, fit & finish and smoothness of the action are heads and shoulders above a brand new piece.
Also, a 2-3/4" gun cannot be "modified" to accept 3" fodder. For one it is doubtful that the tang of the 3" barrel would fit the receiver of a 2-3/4" gun. Secondly the action was made to accommodate a 2-3/4" shell, max. One might try to open up the ejection port to allow the longer shell to fit through but the geometry of the action will prevent proper cycling of that longer shell. You might get lucky with a few rounds but you would be asking the gun to do something it was not designed and built to do so your reliability factor would be very, very low...and a HD piece should be 100% reliable.
If you want a 3" 870 for DH your best bet would be to get a 3" gun. If you want to modify this piece for HD you can add whatever options you want to it but you will have to accept the fact that you'll have a 2-3/4" gun (which is no problem as 2-3/4" loads are just as effective as 3" at common HD distances).
I am aware of that; perhaps you've missed my stating, several times, that I don't intend to fire 3" shells out of this particular shotgun.Yes, 3" chamber barrels will bolt up to a 2-3/4 receiver, doesn't mean its safe to fire 3" shells from them. Keep reading.