In case you haven't heard, I love rimfires. Who can't love a gun that you can vomit lead downrange and not have someone scoff at you for wasting money, not taking your time, or blasting your ear drums?
I, however, have been INSANELY cautious of building up my AR-15s, in fact I have refused to buy parts for them in any way, even if I had plans to use them on a different rifles (like a custom 10/22 stock idea I wanted to do which got put on hold). Does that mean I am right, or that doing otherwise is wrong? Not at all, but I would be very iffy about it.
The one thing I would be cautious of is how the law is interpreted by people, especially the DOJ. I was once told via email that the DOJ doesn't care what configuration the rifle was in; if the receiver could be assembled with and function properly with all the parts of a banned firearm, then it was banned. This was of course before the whole non-listed mess; and Fab-10 style rifles might make you think otherwise (of course they could argue that the lack of function from the mag release and magazine itself is enough alteration to make it a non-[insert model name]). I personally am refraining from building any of my lowers up as a 22 until I feel it is safe. I would however have no problem milling out a closed mag well 80%er to the point where I could use a modified 22 mag if it couldn't use AR mags in any way. Honestly, I doubt you would be busted for it, but you might get hassled at the range by some less informed know-nothing so that alone would dissuade me to not do it. Then again, why not? I would just be cautious how you build it, for example put the pistol grip on last, or unpin the mag once the upper is bolt on. Whatever you do, just be cautious of how you do it.