If I can get within 100 fps of a 338 Lapuas' velocity, using 20-24% less powder, that concept almost violates applied physics.
I think it's possible. Playing around in QL shows that the barrel length is still making a pretty good gain for you from 26 to 32". In the fact pattern that I ran full propellant burn was at 32.2".
338 WM - 86.0gn case capacity
RL 26 - 68.74gn
26" muzzle velocity - 2576 fps
28" muzzle velocity - 2621 fps
30" muzzle velocity - 2660 fps
32" muzzle velocity - 2696 fps
338 LM - 86.52gn
26" muzzle velocity - 2808 FPS
Mind you none of this is optimized, the pressures aren't very similar, there's about 50 more FPS to be had using RL17 or RL 16 in the 338 WM. I still found it interesting to race paper with the #2 ranked powder for the 338 LM in terms of speed directly with the same powder in the smaller case and adjusting barrel length. Shows why internal ballistics are important. Also shows that if you can stand a longer barrel that it's not a bad way to improve performance with some cases. Proof is offering some 28" CF barrels and light Palma barrels going out to 30" so it's not impossible to get (relatively) light, long barrels. Can't miss fast enough to kill an animal even if the case is the biggest bestest ever, size down and shoot something "less" and actually hit more is a perfectly good strategy. Kind of the inverse of "the barrel can only be 20" long, so make it a fire breather" which also works.
Barrel Length - Velocity Comparison: 338 WM - RL26 - 255 Shock Hammer
Still love my big thumpers; 300 RUM, 338 LM, 30 SM, they aren't going anywhere. But part of why I like them is that they all can be (and are) downloaded to a lower spec for many uses.