Blindside,
The bolt-stop can be shortened, the magazine box filler can be removed or the box can be changed, then the longer follower can be installed. That would be enough to work, sorta. There are slight differences in the actions and the ejection port, that can affect ejection.The best course is to get a .375 H&H and convert that instead. You would need a barrel, but the costs of re-chambering with a set-back or chambering and fitting a new barrel are close to a wash. Saving the costs of the magazine parts would go a little ways toward the barrel costs. Besides you will already know if that action feeds the full length cases perfectly. Saving the other little mods will help too. Whether the chamber would clean up depends on how well or poorly it was cut in the first place. If it doesn't, then the cost of doing work twice makes doing it right once the cheaper route.
I haven't converted a M70 in .458 Win to .458 Lott, but everything I mentioned comes into play when rechambering a M70 in 7 Rem Mag to 7 STW. A CZ550 on the other hand needs no mods at all besides the chamber. My understanding on them is that CZ USA is rechambering barreled actions there, and that we can't get the Lott here yet.
Dogleg