It is indeed planished around the periphery, but not center punched. Just regular old lightly crowned and polished hammer face. And, yah, it's pretty common esp. on Springfield Inc (Not the former US Armory!) barrels of either GI OR civilian manufacture! I know I have some in the shop that will show it better, but that one was only a couple of feet away at the time. You want more photos?
It it weren't for the requirement of keeping the sights aligned and torque induced by bayoneting bad guys, there's really no reason for an ultra tight barrel. Benchrest shooters have been known to do swap barrel guns that rquire only a strap wrench to make barrel changes. We even used to make takedown bolt rifles that were positioned by nothing more than a spring loaded ball. And they were quite accurate!
The main downside to peening for a civilain is that it can be unsightly. Or some ham-fisted lout might miss and b***** up the threads.
There's no structural reason against it- unless he wants to do drive-by bayonetings or pry open crates.