No, the cylinder in the M 53 is longer than that of a M 48. And there is about 1 1/2 thousandth difference in standard bores with the M 53 being the smaller of the two. Bowen used to make a blank cylinder for the M 53 that could be bored and chambered to any cartridge wanted. I do not know if he still does.
You could also have a standard OEM M 53 22 Jet cylinder bored, relined and rechambered to 22 MRF, but as you can guess that will be a little pricey. For less money keep the M53, buy a M 617 and have a second cylinder rechambered to 22 MRF. You will be amazed at the obtainable accuracy shooting the 22 MRF thru the 22 LR barrel. I know I was......