I'm building a 7.62x39 on a 16 short action currently with an X-Caliber barrel and the barrel is going to be the hardest to find most expensive part of what you're wanting(Jim at Apache Gun Works is making mine and he can do one with a Green Mountain blank) the 308 magazine and bolt head should work you might have to bend the feed lips a little and the bolt head will need a Sharp Shooter Supply extractor kit.
Other than that you should be just fine
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