It is common to change calibers on several MG's. The only problem would be if ATF felt you modified the receiver enough to "manufacture" a new machinegun.
Personally I would advise a tech letter before doing something more then swapping barrels.
There are a lot of AK's that have been swapped between .223, 5.45, 7.62 X 39 and .308 depending on the receiver of course. Its not a thing you need approval for as long as they don't modify the receiver. Mods like making different rivet holes and welding up the others aren't really mods to the receiver. Mods where you cut the receiver off and extend or shorten it are mods that might require an approval prior to doing. One thing you should be aware of before doing this mod is that the ejectors and magwells are different between most of these cals. Mods to make them work with stuff they weren't originally designed for may make the gun unreliable. Think carefully before getting into this as its not a simple swap like an AR. It can be time consuming and expensive. You're frequently better off finding an AK in the cal you want than trying to change one.