Beven Grams tried this and didn't notice any difference. Since he didn't say it actually did any damage, I thought I'd try it on my Benelli. I noticed a big difference on my Mossberg pump, but the effect was almost nil on the Benelli. Odd, but true. Recoil was the same, shot patterns were the pretty much the same. For whatever reason, the forcing cone is just not a significant source of felt recoil or pellet deformation on the Benelli.
While there is chrome lining in the barrel, it's not really going to flake off if you do it right using plenty of cutting oil and thoroughly polish the new cone. I've put about 500 rounds through after lengthening the cone and there no sign of flaking at all.
All in all, I wouldn't recco it as it's just not worth the money and hassle. If you already have a forcing cone reamer, fine, give it a try, but it's certainly not worth spending any sort of money on.
A far more noticable mod for me was lightening the bolt carrier. That made a big difference in felt recoil.