I was wondering if I could mount an Encore ML forend off a 26" bbl and put it on the 15" ML bbl?
I assume a 3rd hole would need to be drilled out for mounting...
(I have a factory walnut forend on there now.)

I have done just what you are wanting to do. You will have to bore the third hole as you said or if you know someone who can relocate the front mounting hardware on your barrel ( this is what I did, my dad runs a machine shop ) to match the spacing on the forearm. One last note, if your barrel came with the ramrod guide upfront this will need to be removed as the forearm only leaves about 1 1/2" of barrel sticking out. It looks and functions great, the added weight and length are not really noticeable when hunting with it. Good luck

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One last note, if your barrel came with the ramrod guide upfront this will need to be removed

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Hmmm not sure I want to do that.
I was planning on getting a camo-ed forend and have the grip dipped to match. I may just get the shorter forend that goes with it dipped with the grip and be done with it.

I am dipping them to get RealTree Hardwoods camo since I am modifying the grip to fit my small hand better.
Plus I have yet to see anyone else with camo-ed pistol furnature...