You might see if the mag will work as a double stack. If it will feed, all you'll need is an opened up .223 bolt head and a barrel.
Feeding will probably be your only issue. Mine is set up as a single feed so no worries about a mag length or feeding.
Most of the AR guys are using the 6.8 SPC II chamber but I chose the shorter SPC so I could jam the bullets. Loading with 90s, 100s and 110s with good results. Mid range loads and 5 shot groups that can be covered with a dime on good days. Looking at long brass and barrel life. Sounds like the Axis would be a good candidate to build on. And make sure your barrel is "at least" 16" long.
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