I have acquired a Winchester 1885 Low Wall weapon with the serial numer of 7520, only 4 keystrokes ?  Some have said my gun was made around 1887.  It has the high wall block, sticking up high and not sculptured like most low wall blocks.
It was well used but still quite solid, the barrel was an old Springfield 22 barrel chambered for 218 Bee.  I got it to shoot quite well with Lil' Gun and Sierra 45 grain .223 bullets.
I have removed the barrel and installed a new Octagon in 357 magnum.  I am now reading that one should really rebarrel with original cartridges.  I understand Winchester 1885s could be had in 38 XL which is simply  the 357 lengthened past the 357 Maximum to 38 XL.  In order to obtain original chambering I want to deepen the chamber to the 38 XL.  Your thoughts ?

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WRA did offer the 38 XL chambering early on in the 1885 singleshot rifles. I believe the Ballard 38 XL cartridge used a 0.375+ diameter bullet, which is of course larger than the 357 Mag and Max bullet diameter.

The original poster's question is should he rechamber a rifle chambered in 357 magnum to 357 maximum in order to obtain an original chambering. Since the 38 extra long is a rimfire and utilizes a .375 bullet, the 357 maximum does not replicate it. 

While the 357 maximum might offer some advantages over the magnum, I see no compelling reason to rechamber simply in the interest of originality.

Not sure I would put anything more powerful than a 38-20 in a Low Wall. Especially and old one.