The centerfire conversion process is established, so that is a go.
The boltface & extractors are designed for a large diameter rim. Centerfire conversions use cartridges based on the .348 Winchester, which is close to the .41 rimfire rim diameter. .45-70 is smaller. If the boltface/extractors could be altered to work with the smaller diameter, a .45-70 based round might work.
Anything smaller would require even more extensive extractor rework.
The round would have to be of an appropriate length.
Lining the bore would be a challenge. Probably a large diameter bushing would be needed to fill the chamber, and then the chamber sleeve and bore could be drilled for the liner.
There is no ready supply of liners in this country.
I'll have a look at my Vetterli later today, see if any ideas come to mind.
I am confident that such a project could only make sense if all the work were done for free, or by the owner. If a 'smith were to be paid to do the work, the cost would be ridiculous.