I wouldn't. The little rolling blocks are not the strongest actions and though the Hornets are not high pressure rounds they are higher that the 22lr and 25 rimfire the rolling blocks were chambered in. If you did go ahead with it the rimfire would have to be changed to centerfire and extractor changed for the larger rim diameter.
A better choice for a small Hornet is the Browning low wall that was chambered for the 22 Hornet. I think there have been some crack shot falling blocks converted but at today's gunsmith prices is it worth it?