Collectability issues aside, I don't see why not.
A hunting partner of mine did so, in the early 70's, to a Winchester Model 100 Carbine, that was originally a .243.
He sent it to P.O. Ackley, I believe, who rebored it from .243 to .358 & did something to the gas port.
My friend never had any trouble with it, but he only used factory ammo - to the best of my knowledge.