222 rem in a 788 sell for 550 -750 depending on condition, they are a collectors item. A hell of a lot of them got rechambered to 223 further reducing their numbers and value. Sell it to some who appreciates it for what it is, obviously you don't. Take the money buy a howa 1500 in 223 and the extra on a better scope...you asked mb
The pro's: shorter and lighter
con's: velocity loss, it will be loud, and you will ruin the value if you decide to sell it.
What kind of varmints are you hunting? I would see a 24" sporter barrel as an advantage for the varmint hunting I do. Try shooting it first and see if meets your needs before you do anything to it. The best money you could spend is to get a Timney trigger for it, IMHO.