The mag won't work well at all, I'm guessing because it and the M44's interrupter are designed for rimmed cartridges. It'd probably end up looking a lot like the old 20s Bannerman 30-06 (unsafe) conversions by the time the head and extractor and whatnot were modified.
Personally, with decent 7.62x54 surplus available at .10 a round or so, I just don't see the point.