can you find a tube or pipe of smaller diameter and put in side the conduit and then either tack weld or bolt it in place, if necessary would a wood dowel work for this application, one could secure it with a few screws,
I think what you would be looking for is called a swage, but unless you could find one and have it done, I doubt if it would be practical to buy for one project,
I think one could make some thing for a shop press, consisting of a die and some type of anvil to form up against that would insert inside,
if would most likely have to crimp a section and then reduce the size of the diameter of the tube, and the inside anvil would then support the forming of the smaller diameter,
I did some quick looking and with out crimping I see there are spinning swages, that would stretch the metal and from a smaller diameter in the process,
I am sure there is some type of basic machine out there for this process, but I am sure it is not home owner or small shop affordable,
here is a page, and click on the link for the warm forging process,
http://www.ptsco.com/swaging.html
the only other thing I can think of right now is to see if some one who has a hydraulic hose crimping machine would be willing to try to use there crimping dies and see if it would reduce the size of the tube with out crushing and then if it would be deep enough or if one could feed in a few times to extend the depth of the reduced end.
here is a diagram of how some work,
http://www.jbscepko.com/swage_diag.htm or
http://www.jbscepko.com/