Ohh yeah. As soon as I saw the thread title this was the first thing I thought of. I'm imagining something with a tube mag and bottom loading gate like a scaled-down Mossberg 930 shotgun. It would come with ghost ring sights, and some kind of manually adjustable gas system for shooting light loads. It would be great if you could shoot .38 special in it but I have no idea if this is possible in a semiauto.
My Coonan shoots 38 special but it requires a change of recoil springs. Getting a semiautomatic rifle/carbine to feed both 38s and 357 magnums could be a bit more difficult but I don't think its impossible.
A m1 in a 401 would be very fun to shoot! My grandfather loved the 401.