Yes, you can do this; here's a 110 long action that is destined to become a .223 (or 223AI?) and is waiting for a secondhand McMillan A5 to come back from being inletted at CDI.
For starters, you will need a long action .378 bolt head (which is rare) or the kit offered by SSS that allows you to use a short action .378 bolt head on a long action. You'll also need to get CDI's Savage LA/308 mag box DBM (this will probably be easiest).
You might note my action has a 204/223 extended bolt baffle; 308-size magazines sit forward enough in the CDI DBM that you can utilize the extended baffle to shorten bolt throw. With the extended baffle, bolt throw is only about 1/4-1/2" longer than my 10FP.
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