drill and tap, yes. Or maybe just krazy glue for a semi permanent attachment.
Keep in mind this gun has been in and out of a leather holster for the last 40-50 years. And it’s aluminum. There’s no edges left and no finish left. It’s lightly pitted inside and out. the original stocks used to be checkered, but are no more.
Sounds like a nice old Colt revolver that has some soul. JMO, but the barami and the tyler sound like a good idea so long as you keep the original grips. But the shroud - you'll be changing the piece forever.
You might look into the alternative of consulting with your gunsmith about getting a replacement hammer for it and having it bobbed, and keep the original hammer as is, in the same box as the original grips. That would get you the same snag-free operation without uh... modifying the gun.
I suggest that you ask yourself "They don't make these any more... do I really want to do this?"