I think the problem is two issues... first is that it's rimfire, which makes it somewhat dangerous to hold in a shell holder and apply pressure. If you can get past that, then it's more a matter of the fact the you are using heeled bullets and I'm not sure how you can get a heeled bullet out of the cartridge case without damage -- or how you can put one back in to a case without damage, and how you'd re-crimp the round so that it stays in there.
.22 Mag would be a different story since it's a traditional bullet loaded typically.
I do think it would be an interesting exercise... but a whole lot of work for what result, I don't know. I'd be interested in hearing how it works out but I can't imagine ever wanting to do it myself, and I love handloading and find it to be very enjoyable.
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Attention Brass rats and other reloaders: I really need .327 Federal Magnum brass, no lot size too small. Tell me what caliber you need and I'll see what I have to swap. PM me and we'll discuss.
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