Huvius,
I have seen some of those side lever conversion efforts, and they are certainly interesting in their own right. I've not seen the internals either. Now that Steve Earl has a Fraser action that is near perfect in my opinion (based on the last Fraser patent with tang safety, action mounted forearm hanger, bolted lever, and devoid of any so called "modern improvements"), I do not believe the side lever conversion to the No. 1 to be worth all the trouble. Now, that's only if one's goal is to duplicate Fraser's rifles! Again, the side-lever conversion to the No. 1 has it's own merits and cool factor for just dressing up a No. 1.
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