Dang, that sounds neat. However, some quick googling shows that it's not straightforward. From a Shooting Times article from 1/4/2011:
"...time-to-peak chamber pressure for the .17 HM2 differs from the .22 Long Rifle.
In addition to causing bolt-cycle speed of an autoloader designed for the .22 LR to increase beyond an acceptable level, it could also cause the bolt to open prematurely, allowing a fired case to start moving from the chamber before pressure had dropped off. In other words, converting a semiautomatic in .22 LR to .17 HM2 required more than barrel replacement. The problem has been solved by either increasing the weight of the bolt directly or by indirectly adding weight to the bolt by linking it to a reciprocating weight hanging from the barrel and located inside the forearm, as Thompson/Center has done with the R55 rifle."
But it's a great dream if someone can figure out how to do it.
A PERFECT WORLD: start with the fifties, remove racial segregation, insert internet. Factor Edsels to the power of 3 and multiply by Tom Terrific. Paradise!