You should be able to ship the gun back to S&W or off to any decent gunsmith and have the regular hammer swapped for a Bodyguard hammer. I don't rmember the exact price, but i think last time i checked they were around $35 for the part.
I have bobbed the hammers on several S&W and Ruger revolvers. If possible, take the hammer out, mark the general shape with a scribe, and cover all the rest of the hammer with several wraps of duct tape. I have had a dremel cutoff wheel break on me before and leave a nasty gouge in the top surface of the hammer undetneath the spur.
If you can't take the hammer out, them wrap the ENTIRE gun in 4 or 5 heavy shop paper towels, leaving only the hammer spur exposed, then wrap the whole package with duct tape. This SHOULD keep you from scratching the gun if the cutoff wheel breaks. I normally then clean the hammer up with a file and either use a wire brush or a felt wheel and some rouge to polish it up.