Sure it could be done, but it would take a Master Machinist to tackle it.
I've always thought, if someone could get Weatherby to
NOT cut 9 lugs, leave those as 3 large lugs, it would be much easier to True up, instead of all 9, BUT! Regardless of the number of lugs, if a 'Smith was willing, and
Able, the Mark V action would make a great custom action. Oh, and if the weight didn't bother you!
Something else missed, Weatherby's have great recoil lugs, and their triggers are very smooth, at least in my experience, and there are some TERRIBLE factory triggers out there in many of all the other factory firearms available from such as Winchester, Remington, Ruger....etc.
The Weatherby Action was proof tested to 200,000 psi, I think.
The Japanese Arisaka (spelling?), is one tough action, although not something I would want to build a custom rifle on-just for example.
The 54* bolt lift, although stiff fresh out of the box, is a very short lift, and capable of being very quick.
I think it could be done...I also think most 'Smith's like things
"Easy".