You should not rechamber a .204 barrel to a .250 savage cartrigde of any stripe..
Actually, you could, you'd just have a little problem with pressure-ie running a .257 slug down a .204 bore..LOL
As to a rebarrel, there is no reason why a Ruger No 1 cannot be re barreled to just about any cartridge your pea picking heart desires. Rugers have been made in everything from .22 LR to .577 Bores.
As long as you have an ejector that fits the round you want to chamber you are good to go. The AI versions really only affect feeding which is not a problem in a Single shot at all.
Go for it.
Last edited by jim62; 05/19/12.