Given enough money and labor, it's possible. I think it's a waste of time, though. You can buy a used lever-action .45-70 for under $500 any day of the week.
A much easier project is to convert a Siamese Mauser to .45-70; it will still cost a fair amount of money to find a useable donor action.
it can be done.
if you have the equipment & like to tinker it wouldn't be a bad project.
opening the bolt face up & modifying the extractor would be just about the same as a standard magnum conversion.
the breech face on the barrel would need a flat area to headspace on and the magazine & feedrails would need to be heavily modified. you could adapt siamese bottom metal.
to adapt siamese bottom metal you would need to shorten the front pilliar and cut the feedramp protrusion off the top of the magwell. then rework the rear gaurd screw hole by cutting off about 1/2" of the very rear part of the gaurd then welding on a new section of keystock that you could dill & countersink a new rear gaurd screw hole in.
i had to do the above mods on my turk 1903 .303 british conversion
If you're really thinking about it, consider a P-14. I would think it would be easier starting with a rifle made for a rimmed round. They used to cheap and easy to find, but everything has gotten harder to find anymore. Wish I hadn't traded off that Siamese 40 years ago...
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