Opening out a boltface counterbore is not uncommon. The extractor is going to need to be adapted as well.
I had a Ruger 77 opened from .308 size to belted magnum, and installed a magnum extractor. No big deal. The bolt was machinable.
The extractor situation with a Remington 700 conversion is more complicated. I had a M700 bolt with a spoiled .222 counterbore. Had it opened to 7.62x39/6PPC, with a Sako type extractor fitted. There are serious implications if this is done, because the safety breeching inherent in the R700 is compromised. Set up a R700 with 7.62x39 barrel as a project, lost interest, set up another in 6PPC, lost interest in that one, used the receiver for something else; still have the bolt somewhere.
Basically, the bolt is stripped, and a spud installed, which is centered up in the chuck. The bolt body is supported near the head with a steady rest, and an appropriately ground cutter used to do the face.
Specialized milling style cutters can also be used.
The make and model will certainly be factors in whether or not the conversion is practical.