I would say that the cost of the conversion is more then it would cost to buy a Mosin Nagant. IÂ’ve thought about this too, but it's not worth it in my opinion. The Lee Enfield is more accurate in .303 then a lot of M/N's are. Sure surplus ammo is cheap, but there is also a lot of surplus .303 around too, more so in the US then here in Canada. And a lot of surplus .303 is non corrosive (the Greek stuff is even reloadable!)
Also when it comes to factory sporting ammo, .303 British is a far better choice. All the domestic ammo company's offer at least one hunting load for the .303. Federal and Winchester offer 150 & 180 gr loads, Hornady a 150 gr light magnum, and Remington offers a 180 gr corelokt as well as a 174 gr FMJ load that is cheaper the SP ammo and duplicates the original Mk 7 military loading. When it comes to 7.62x54, only Winchester loads it, and it is a 148 gr FMJ. All the soft point stuff is foreign and some of it is corrosive and does not have a very well made bullet. ItÂ’s also not as widely available as .303 British I imagine. Here in Canada any department store, hardware store, general store that sells ammo will always have .303 British .30-30, .30-06, etc, etc, but you have to find a dedicated gun shop for some of the more different stuff.
My advice would be get a Lee Enfield, leave it in .303, and get a Finnish M1891 Mosin Nagant as well. They are both accurate well made rifles that you couldn't hurt if you drove a tiger tank over them.