OK, so I'll state that "yeah, it could be done". Not only that, but I'm betting that accuracy could certainly be improved....
Just like the original and repro 22 conversions for the FN-FAL, the chamber adapter bit needs to have a (full or almost full length) barrel liner of appropriate OD installed on it.
The "better accuracy" part will come from three things - a proper 1/16" twist rate, a proper .221 or whatever bore diameter (it ain't .224!), and since you are attaching the liner to the chamber adapter you can mod the chamber adapter so that the bullet is chambered it actually ends up at the rifling instead of having a big empty space to fly through before engaging the rifling.
In fact, I'd bet someone with the tools and skills could start with a dedicated barrel collar and an empty 223 case for reference and make their own.....