A workable conversion needs the bbl relined (as your rifle already has).
The feed tube needs to be reduced in dia up at the cartridge stop so the cart stop itself will work with the smaller dia .22LR cartridge.
The bolt and recoil spring is OK as is. No need to do any hocus pocus worry over bolt & spring balance.
The cartridge being fed into the chamber will have a tendency to go nose up into the chamber and often strike the top of the chamber edge causing a jam.
To cure this a small cartridge guide of sorts needs to be built up at that point at the top edge of the chamber to aim the cart into the chamber.
Kind of the same idea as Marlin uses on their 39 and Model 80 series 22 rifles with a cart guide spring over the chamber.
A clearance notch in the top face of the bolt for the little guide ramp.
The ejector must be cut back a small amt to allow Unfired rounds to be ejected from the port. They are a bit longer than the .22WinAuto rds the gun was designed around.
Otherwise the ejector as-is works fine kicking out fired brass.
The one I did worked fine.
I give all the credit for the ideas for the conversion to John Tayor / Taylor Machine in Idaho.
He is still in business and has an FFL. I no longer am.
You can try contacting him and see if he will do a conversion.
Taylor Machine – Your source for custom machine work!