The short answer is a qualified "yes", provided the magnum cartridge you're rebarreling for isn't too long for the long action - like a .375 H&H would be (the 7 Mag is .30-06 length & OK) - and the original boltface,etc, is of magnum size/config (a biggie).
Magnum barrels are generally heavier, due to a different, heavier/larger(read:wider) contour - usually requiring some stock inletting work, especially in the area of the barrel re-inforce (chamber).
You may also want to consider inletting & glassing-in, a hidden crossbolt, just to the rear of the recoil lug mortise - to avert any tenancy for stock splitting.