It can be done if you work within the limits of the action. One gunzine writer converted a .32rf with good bore to centerfire and loaded .32 Long Colt with black powder for the authentic experience.
Frank DeHaas' Single Shot Rifles has a lot of thoughts and observations on just how far you can go with a given action. The Stevens 44 1/2 is completely different from the 44 and is quite strong. He says you can take it up to rimmed varmint calibers like .219 Zipper. They go downhill pretty fast from there. He says the No 44 will handle .32-20 and .38 Special NOT .357 Magnum. .22 magnum but not .22 Hornet, even though it was available from the factory at one time. The boy's guns like the Favorite he limits to .22 or a centerfire .32 loaded to .32 rimfire levels.
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