Before I really get started into this idea, I need to know that his rifle dosent hold any historic value. Where would be a good place to find out?

Now my idea is to take the m1 carbine I have and lower the caliber to a 6.5/264. It would be just a little fun project to do in my spair time(disabled vet so lots of time). I am setting up a machine shop in my barn where I m living now until I can buy my own place. So I have the motive, tools and time. Where to start?

I don't think you will find a 6.5 bullet that will work in the magazine of the carbine. You need something short. The 5.7 Johnson Spitfire is a neat little round. You might could do a 25 carbine and use 25-20 bullets.

I came across a a M1 Carbine that I wanted to convert to something useful. I read about a fellow who worked out the conversion of the Carbine to the Winchester 45 Magnum.
Unfortunately he died before I got around to sending him the rifle.
Imagine a light weight carbine with 15 or 16 rounds of 45 mag rounds.

Jim

arkypete since I could not have one of those I did happen to stumble across a TROMIX conversion for an ar in 50 AE. 10 rounds of hog killing goodness.

Have seen one converted to 7x33 Sako, but oh boy was that work. Much easier conversion on some of the lever actions.

7x33 isn't popular in Europe but is common enough in scandinavia. 78grn bullet at 2400fps. Case head size is the same as 9mm para