Hi and welcome to the forum!
Your project does sound interesting and challenging too. As far as I'm aware, the Denix MP40 has a solid, blocked barrel which could be a problem. Perhaps someone can correct me if I'm mistaken but there may even be a steel rod cast into the barrel to prevent anyone boring through it.
A Denix model would probably be the least expensive metal option, but it may be worth waiting for the new metal Gas Blow Back, 6mm BB Airsoft MP40 due for release anytime now. Perhaps it might be slightly easier to convert that to 4.5mm steel BB?
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Cerwyn
Hobby collector of Replica model guns and Militaria.
also member of Living History Reenactment Groups.