Marco,
To answer your first question, in the United States having an original 9mm barrel sleeved to 7.65 would seriously lower its collector value. However, that might be different in Italy. For shooting purposes I would think the 7.65 Luger is better because the 9x21 mm would require custom reloading to achieve the shorter total length. Making 9mm parabellum illegal while permitting the use of other military ammo such as 9mm Largo (9x21) and 9mm Steyr (9x23) must rank among the most illogical of firearms regulations. KFS
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