Round or flat bolt doesn't matter. GI round and flat bolts are interchangeable with each other
in a GI carbine.
The main difference with the Universal, as I recall is the firing pin. The late production round bolt Universal firing pin is not free-floating like the GI bolt - it has a spring in it (safer in one respect) but as I recall, the Universal firing pin does not have the timing "leg" at the bottom. If the Universal receiver doesn't have clearance for this it will be a problem.
There is also a divot cut into the bottom rear of the late pattern Universal bolt to engage the unreliable bolt hold open lever system that is unique to this model.
From:
http://www.m1carbinesinc.com/carbine_universal2.html