Curl and Bob,
Yes, for sure the Red Label can be converted into a sound double rifle.
Quite a few guys did this conversion in the states including, Wisner, Jaeger, Searcy, Yale etc.
In Australia, Ron Webb, Jack Miller and Peter Van Meurs have been involved with this conversion.
Most were built on the 20 gauge frame, some on the early blued action and a couple on the stainless version.