I recall that Charlie Epps was doing this sort of "re-engineering" in Canadaback in the '50s and '60s.
Probably no dramas with a rimfire, but "full-house" .303 tends to over-stress the woodwork a bit, especially if you are going for very light weight. The problem seems to be the lack of appropriate support and the limited structural strength of the timber when the action is both rear-locking and has virtually no rear recoil surface / shoulder, a la the J5550.
Losing the 2-piece stock system and its associated hardware may save a few ounces, which is OK in a hunting rifle that fires fifty shots a year, but NOT in a military rifle that also gets used for a multitude of other violent tasks (driving tent pegs, bayoneting opponents and cracking skulls, for example). As opposed to Mausers, Springfields etc, how many SMLE stocks ever broke at the wrist in combat?