The breach face would need to be brought way back to the lugs or even a bit further to control the round feeding better (not so much an issue). The problem this creates is that you wipe out any area for lug locking even if you did a rotating head. The only place without modifying the action would be the bolt handle recess and using that as a single lug. A few brands have had success with a single lug in 22lr but no where near the accuracy of a 40x, Vudoo or even a Win52. The other obstacle would be ejector/magazine. The 40x and Vudoo have the bottom of the action only opened up to allow the feed lips of the magazine and it also contains the ejector spike (lack of a better term) that would kick the shell out of the bolt nose when extracted. An adapter plate would need to be screwed into the bottom of the action (if wanting to use any existing magazine design) or an ejection system would need to be molded/included into the top of any magazine. Ideally the entire top portion of the magazine should fill up the bottom opening of the action to also help with mag stability.
Not impossible, but when you look at all of the development funds, cost to convert, and whats available currently I'd be willing to say its cheaper to buy a Vudoo, convert a 40x or some other option fitting your needs. For someone to dump the funding into the mold/development I dont see the return coming based on whats available now.
just my .02