I have no idea about its activity, but I wouldn't expect it to be much different from psilocybin.
As for the synthesis I would use the following route:
4-AcO-indole __(oxalylchloride, Et2O)__> 4-AcO-indolyl-glyoxyl-chloride
__(methyl-benzyl amine)__> 4-AcO-indolyl-glyoxyl-methyl-benzyl amide
__(LiAlH4, THF)__> 4-OH-methyl-benzyl-tryptamine
__(tetrabenzyl-pyrophosphat, BuLi)__> dibenzyl-phosphoryloxy- / monobenzyl-phosphoryloxy-methyl-benzyl-tryptamine
__(H2, Pd/C, rt, rp, 24 h)__> baeocystin
The yields should be good for every step of this sequence. And I wouldn't attempt the 'Brenneisen' route.
The 4-OH-methyl-benzyl-tryptamine can be acetylated before debenzylation to yield 4-acetoxy-methyl-tryptamine.