Should be posible, but reliable mags would be a problem I would think.
I'd say you ought to get a shot-out .45 ACP barrel, ream that sucker out and add a 7.62 barrel liner and chamber. The .38 super mags will probably be too long, so you'd have to find 9MM 1911 mags, which should work. The breach face and frame for a .38 super set-up should work in terms of extraction and ejection, however.
I'd start with a heavy .38 super recoil spring, and lighten until you get reliable functioning. Remember that 7.62x25 is a pretty high pressure cartrige. Its been a while since I looked at pressure specs, but I believe that the 7.62x25 round is more than 15,000 PSI higher than .45 ACP so ensuring a long enough lock time is clearly essential. Also, you'd have to worry (read: avoid) that CZECH machine gun ammo that showing up at gun shows. While technically dimensioned to 7.62x25, this stuff is supposedly loaded to even HIGHER pressures. I have heard of folks killing their CZ52s with the stuff.
Sounds like a fun project, though... albiet it will probably be pricy.