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Of course it's possible but it's not practical. You will end up with a rifle that has a marked over barrel, money spent on the bolt face and feed rails and bolt stop.
The twist of the most .308's is 1-12 and that's enough for at least a 180 gr bullet but the big thing is the money.
A typical used .308 bolt rifle may be worth $300 and a new .300 WSM costs about $610. You will have a hard time being able to sell a worked over .308 that's now a .300 WSM however.
Just sell the .308 and buy a .300 WSM. Better keep the .308 and buy a new .300 WSM!
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