I would have to think that a factory-made "hi-cap" SKS-M would be a good, reliable gun, at least as reliable as the quality of the AK mags used. No reason why not.
That said; IMHO - I'd just get an AK and be done with it.
The beauty of the standard SKS is the pointability, reliability, and handiness of the 10-rd gun. No mags to lose, no drop-free dangers, easy to load fast with strippers,a bit less fast shoving rounds down thru the top.
I have mine working with an "in-place" 20rd Promag Tapco knock-off duckbill mag, utterly reliable - but a bit more clumsy than the standard 10rd mag. It can be considered "removable" like an AK mag, but my SKS is just a range-toy, so I don't care other than the space it takes up with the duckbill in place.
If I were to use it as a SHTF gun, the 10rd "fixed' mag would go back on.