The original question was from Australia and it seems that it actually involved whether a prohibited type of action (semi-auto?) could be converted to a type that would be legal. Apparently the answer is no, but the questionable legality explains the very general wording of the question. It is like someone in the US asking if the Thompson SMG he found in the attic can be made legal in some way. (The answer to that also is no.)
The Pedersen device, or "U.S. Pistol, Caliber .30, Model of 1918", its "cover" name, was a perfect example of an idea that sounded good when briefing the generals. The idea was that American troops would advance, using rapid fire from the Pedersen device to keep the enemy's heads down. My view is that if the "device" had ever been used, it would have been a disaster, for the simple reason that in order for someone who is being shot at to keep his head down, he must first know that he is being shot at. In the noise of battle, with the low report and subsonic bullets of the little cartridge, the Germans would never have known anyone was firing at them. They would simply have manned their machineguns and mowed down the Americans as they marched forward, over-confident in their new technology.
Jim