Someone mentioned to me—I forgot if it was here or on another forum, or perhaps an eBay seller—that if I had a Dremel or something like it, I could cut my own slot in the middle of a barrel lens and make my own apertures for it. I was shocked--this sounds like brain surgery! Is this really possible? Could Grimes or another photographer's machinist do this?
Yes, but please don't do it. Lenses with out a slot are older than 1860. It would be a tragedy to deface something 160 years old. There is an exception and that's projection lenses. Those are common and typically have a very short lens hood and no engravings. Most are from the 1880s into 1910s. They have much less historical value.
Thin slots are best cut on a milling machine with a thin cutter known as a slitting saw. The cutter is mounted onto the arbor of a milling machine. Cutting a slot with a Dremel is likely to ruin the barrel to no purpose.
I too think that cutting the barrel of an original lens is not desirable. A better idea is to make a new barrel with the necessary slot and install the lenses into the new barrel.
Ian's suggestion is the wisest. Perhaps the lens could be fitted to a shutter. Grimes could certainly so this.
If you cut a slot in the barrel, you run into the problems of spacing, centering and squaring.
And the space between the lens groups would be one big mass of brass particles you're never going to get out.
Also, why destroy a perfectly fine example of mid-19th century optics that mostly show their character when used wide-open anyway? It'd be a shame.
If you want the 'vintage' look in a modern package: Lomography markets modern remakes of the Petzval formula that conveniently mount onto modern film and digital SLR's. Just grab one off the shelf and go make nice photos with it.