That's certainly the best bet for a S&W revolver gunsmith.
Both the 617 and 648 are stainless steel K-Frames in .22 rim fire. The 48 models were optionally supplied with two cylinders fitted from the factory (you probably know but I'm just discussing in general terms), so it's certainly within the realm of possibility.
You are looking to swap chambering but not barrels? The Magnum bore by spec. should be a thou or so bigger, no? This leads to a slight decrease in accuracy using regular .22 in it, but perhaps on the other gun it will now be a bit too tight.
Not that I recommend firing this in a casual way without testing the fit in every place, but have you tried changing the cylinders yourself just to see? You have two similarly built guns from the same era; should be the same parts S&W would have used at the factory. Remove the front screw on the right side, open the cylinder with support and slide it and the crane forward out of the frame, then pull the cylinder out from the crane. Easy, and you'd have to do this from time to time when giving the chambers a good scrubbing anyway. (Just don't bugger the screw head!)
Now that they're swapped, does it seem to work? If it needs fitting some verrrry thin shims can be placed in between the cylinder and yoke, or frame and crane (or a 'smith will use a yoke stretcher), to adjust the gap at the forcing cone. Cycle it completely a few times, does it seem to index each hole? Then cycle again while applying your finger to drag on the side of the cylinder, when it stops each time there should be very little play as it comes to rest on the stop. The hand should be infinitesimally filed and shaped to adjust indexing, and possibly the bolt stop, but that one is really a job for experienced hands and tools.
If the 17 is a 10-shot cylinder the 10-shot hand will have to go with it. Once you have the side plate off (the remaining screws, including under the right side stock, plus a tap with a soft mallet), you can swap the hammer, trigger, everything else as well; it might work better if you switch the whole trigger on the two. *If* you want to tinker.