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As already said, you can't "rechamber" a large chamber to a smaller one, so the barrel would have to be set back. But the M-N bores are too large (almost .303) for the 7.62 NATO (.300 bore) so the result would be poor accuracy. The only feasible approach would be to rebarrel the gun. And then you would have to deal with the M-N's cutoff type magazine, designed to handle fat rimmed cases; it would take a fair amount of work to alter it for the 7.62 NATO, and more to change it to 7.62x39. And the bolt face and extractor have to be altered, again more so for the smaller round.
So, after spending, say, $500-600 minimum, you end up with an M44 firing a round (if 7.62 NATO) that is probably more expensive today than the 7.62x54R that it was designed to fire.
I am sure I will hear from a hobbyist gunsmith who has done that job, and produced a super rifle, but remember he was working for the fun of it.
Jim
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