I have done it in the past using MIL SURP 06 rounds, it can be a PITA.
Most factory loaded rounds in the caliber your suggesting are crimped. This will give you some issues right off the bat simply due to the crimp it's self. If you use one of the dies with the mandrel in it, you might be able to back it out enough to clear the powder maybe not. If not your going to have to dump the powder and reload anyway. If that's the case, then your right expensive primed cases. However even then all is not lost. If you dump the powder and weigh the first 10 you pull then you know the average per case. Simply dump them all then set the scale to remeasure as you put it back in. A bit slower, but still recovering all usable components. If your swapping out FMJ's for something like a HP, or standard cup and core soft point I doubt you will see any issues unless the bearing surfaces are significant. IF you use one of the Berger type bullets with the longer ogive and boat tail, or a varmint class soft point the jackets should be thin enough to run with no other changes.
With the MIL SURP cases I used, the bullets were sealed with normal neck tension and the asphalt or epoxy sealer, and not crimped. I simply seated them deeper a tiny bit to break the seal, then used a collet puller to remove the FMJ. Then I pulled the expander stem, and neck sized the cases. After removing the primer pin, I set the die so that I could get just enough of the ball into the neck to get about half of it expanded before hitting the powder with the tip of the ball. Then I simply reseated a 150gr SP. Bear in mind, these did not produce match grade accuracy, but they would groups around 2" or less most times at 100yds, and produced cheap hunting rounds for several folks in our family for many years.
I have several hundred .223 FMJ's set back in the closet to do this exact thing to if and when I finally shoot up my stock of JHP's through my AI Contender. Or just in case I finially bite the bullet and purchase a new barrel for the thing. I looked at them when I first got them and figured it was going to be much more tedious than the 06's simply due to their small size more than anything, but also having to deal with the crimp as well.
Good Luck