I've been planning to do this as well however keep in mind though that in order to actually take advantage of the extra room you have to cut a notch in the bottom of your action otherwise it is a waste of time.
At least in 700SA
I did some measurements and the bottom of the action where the AI mag goes in is flush with the inside measurements of the AI Mag. If I take out the metal piece in the magazine and extend my OAL then the tip of the bullet will hit the bottom edge of my action. You only need to open it up a little however it will void any warranty.
I spoke with the guys a Stiller Precision Firearms in Vegas at SHOT back in January about it. They said it is commonly done and recommend using a round drill bit rather than cutting a Vee shape as it will make feeding better. At the same time he was ok about doing it he also said that it will void the warranty. I am planning to do it with my stiller action, hence my conversation with him, but I'm sure this also applies to any firearm/action maker.