Not quite. We're talking about a single lead ball. Even the largest shot, 0 buck, has more than one pellet per shell. Slug shells aren't spherical projectiles.
The density of lead, I just looked up in the Alfa Aesar catalogue, is 11.34 g/cm3. The volume of a sphere is (4/3)*pi*(d/2)3. And, um, a pound is 0.454 kg. So, a 12 gauge shotgun will fit a ball which is 1/12th of a pound or 37.8 g, which based on the density given above has a volume of 3.34 cm3, or a diameter of 1.85 cm. (If I did the calculations right, it's only 8:30 AM here.)