It is.....IF you have a hydraulic follow rest. The killer on contouring is the barrel tries to climb the tool like a jump rope. I've done enough to know that it's not worth it with my lathes.I've asked a couple gunsmiths if they would do it for the same reasons @83cj-7 pointed out. Get a lighter weight profile but still have a sizeable shoulder for your desired muzzle thread size.
I'm no machinist but it seems like contouring would be easier than fluting. Pricing quoted was pretty close to fluting IIRC. If doing it, i dont see a reason to flute as well. Just have it contoured to hit your desired weight.