Comparing a 742(30-06) to a 7600(308) the magazine lengths are the same, the .308 just has a shorter follower and a block in the back. You might be able to use the current mags as is, or worst case buy some short-action mags.
I have one in 762x39. The hammer spring is not strong enough to reliably ignite Wolf, etc, but works perfectly for normal [good] ammo. Probably not a an issue for 223. I also chopped the barrel to 16.xx" and and refinished the stocks. I had no real need, just seemed like a good testbed for...
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