I've never worked on a Lyman (since I don't own one) but I recently did something similar on a T/C Renegade... it started as an accident: when I went to install a new nipple, the breech plug began to turn, so I took it all the way off and replaced it with a flint breech plug. Long story short; I now have a flint with a .50 and a .62 smooth, and a .54 percussion.
the tricky bit of doing a new breechplug onto an octagonal barrel which already has the underlugs cut, the sights on and so forth is that you need to have the bottom of the plug meet the barrel, the top of the plug meet the barrel, and you have to get the bottom flat to meet with the bottom of the barrel because the hooked breech must mate with the tang.
I was able to do this, but it required filing at both the plug and the barrel. Had I been able to keep the thought in my head long enough, I probably would have sent it to Track and plonked down my hard earned, overtaxed, God- entrusted dollars, but I got all brave and took out the files and then, once started, the project sort of took on a life of its own. It was a great deal trickier than I expected, but I was able to get everything to line up, and then I found to my dismay that the breechplug is just a wee bit larger than the barrel itself... well, the whole thing had to be drew- filed anyway, and now I have to figure out how to blue or brown or otherwise finish the metal...
:hmm: :hmm: :hmm:
use anti- seize compound ... this is important ... also, some folks use Teflon tape (not exactly HC/PC, but it is known to be effective). don't (of course) use both.
as regards the touch hole: I am partial to White Lightnin' flash hole liners. if you put one in the 'sunset position,' you'll get a nice fast ignition.
good luck with your project! let us know how it turns out and remember: we love pictures
:grin:
(the coolest tools are the ones you build for yourself)