The '98 mauser and it's variants have been turned into justabout everything from actual .222 rifles to (that I know of) .404 Jeffery and possibly bigger stuff.
I'd venture to say absolutely anything can be done with one given enough MONEY......and this is where the wrinkle is.....can it be done?????....GUARANTEED...given enough money someone will do it. Is it financially advisable?.....certainly not for me.....maybe it is for you.....but you need to decide that. I'd venture to say that anyone can buy a new M-70 or other popular bolt action for less than the cost of a good alteration of a Mauser'98.