Bolt speed is the main issue that needs to be addressed considering the increased pressure. This can be accomplished a few different ways. Heavier replacement bolt handles, adding weight to the bolt, heavier springs, or some combination of the those. The optimum barrel length seems to be 16-18 inches for the M2 to allow for the pressure curve.
Below is what I used, with excellent results. I have NO functioning problems and accuracy is awesome. Devastating on squirrels, if that's your thing. I realize not everyone is a hunter.
1-Magnum Research .17 HM2 bolt handle which is oversized for proper weight. Comes with guide rod and appropriate weight spring. Got it from Brownell's for a little over $50.00 I think.
2- Alumilite barrel. Slightly oversized shank which will require MINOR sanding. Fit is tight, so get your extractor groove ligned up properly before gently tapping the barrel in. This was the most expensive piece, direct it was around $200.00. Not sure if they're still available though.
Some guys weight the bolt and use the factory handle, but I wanted to do it without sending anything out for work.
Factory Ruger 10/22 magnum hammer spring (Brownell's, cost about $2.00)
Again, I have no issues with reliability, but maybe I just got lucky with my choice of parts. Check Rimfirecentral.com for an entire section on .17 HM2 info. Nemohunter, Vincent and Skeeter27red all have good info and advice.
I think you'll be pleased if you do the conversion. Good luck.