Rebarreling basics: The barrel on your M7 is literally just screwed into the receiver with the headspace set at a precise length. All that is needed is for a competent gunsmith (this is not a DITY project for 99.9% of folks) to unscrew your barrel, buy a contoured barrel blank of the right caliber then chamber it, set the headspace then do any bead blasting and/or metal coating.
With the receiver/bolt left as-is you are stuck with only the short magnums: 300,270,7mm WSM, 300,7mm RSAUM or 6.5, 350 RM. If what I've listed sounds good to you then you're set. Call Dave at
IT&D Custom Guns or PM MColeman here for more specific questions.
Even if you are willing to replace the bolt with a smaller face then you'll still have feed rail issues and then things become "not worth the trouble." If you want a 308 or 223 based cartridge then you might as well sell what you have and get the proper bolt face...
RH