Well, after taking a look at the magazine, it doesn't look good.
The follower isn't really that long on a MkIII magazine, at all. Taking .250" off the top of it would leave very little left up front. And if you lengthened the slot for the thumb knob, the knob would still lock the slide too early. You could lathe it down to a smaller circumference, but not enough to account for that a whole round (about .25" for the diameter of the bullet plus 1 end of the protruding rim). That's if it still feeds, properly.
On the other end, you could shorten the spring holder pin in the follower... by about .18" or so. (By measuring the diameter of the wire x the number of coils and still having enough length leftover). Not nearly enough to fit another round, unless you started cutting coils. You could ever so slightly deepen the hole in the floorplate, so the pin sits lower to begin with. Between the three approaches, I still don't see getting 2 extra rounds in the mag without compromising functionality. I imagine 1 extra at best, still retaining the thumb pin and the last round lock open. Not worth the effort.