Yours would not be the first. The magazine box will need to hold a .375 H&H length cartridge (3.5"). Then it is just a matter of rechambering and checking the rails for proper feeding. I would highly recommend having this done by someone with experience, as well as checking the rifle for overall safety.
Hi Yes it's possible to do soo. But why? I think the 10,75x68 is nice cartridge and rifles in that caliber is not common. The gun will loose a lot of value.
It's quite an operation to alter to 404 Jeffery. The feeding can be a problem to get 100% working. a 404 is really best suited in a 375 lenght action.