Any rifle action can be re-barreled and re-chambered. The question becomes what is the action worth, versus what the work needed to get to where you want to get to is going to cost.
Rebarreling a rimfire kind of sounds like a waste of cash to me, since they aren't that expensive in the first place.
The 591m was discontinued, so finding parts like extractors or firing pins are going to leave you at the mercy of Ebay and places like that.
For around the same price, you can probably find several newer designs that would treat you a bit better.
Your mileage may vary, that's just my $0.02