The short answer is no. The reason it won't function reliably is that the gas port in the barrel is set for the high pressure loads, not the lower pressure target loads. I believe your magnum LT20 barrel has just one gas port, .0640" in size. The 2 3/4" chambered barrels have two ports, .0670" in size. This allows more gas to operate the action. Some have drilled out their magnum port, but this limits the barrel to low pressure loads. You have to get a 2 3/4" chambered spare barrel to shoot low pressure loads, and still have your magnum barrel for hunting.