It doesn't seem worth the risk. But...
I understand the logic that the receiver is designed for 3.5" shells, so the receiver's attached magazine should be limited to not more than 5x3.5".
Unfortunately, the markings for chamber size are on the (removable) barrel. Therefore, in the field, you are likely to get screwed since it's the only official chamber size marking on the gun.
As a somewhat related example, the AR platform is easily converted from .223 to .22LR. Once you do this completely reversible change, you can use unlimited magazine capacity. In fact, many of the kits include a 25 round magazine. The 30 second conversion involves swapping the bolt carrier and magazine. Same barrel and receiver. Note that the receiver is still marked for .223REM and/or 5.56NATO, but it's perfectly OK to load up 25 rounds of .22LR.
In other words, the magazine capacity of the gun is based on what is chamberable, which may not always be what the markings on the gun state. It probably would not holdup in court though, and in the VersaMax situation, will likely get you into court.