Sure it's possible, and even easy to convert a Mauser 98 action to .45-70. However, it may not be terrifically practical. I've done one, examined several, and found the following pitfalls:
1. Small-ring Mausers (including your Mexican Mauser) use a smaller barrel shank in common with M93, M95, M96, most Turk and CZ Mauser actions, That smaller barrel shank does not leave you with as much safety margin as a large-ring Mauser action.
2. The standard .45-70 rim dimensions on the M98 bolt face leaves very little extractor purchase. Thinning the case rims is one recourse, or using another, similar cartridge case is an improvement A popular conversion a generation ago was the .458 x 2" American. This gave belted magnum rim size, reliable extraction, magazine feed, and hot-loaded .45-70 ballistics.
3. The standard .45-70 cartridge does not magazine feed without major modification of the receiver rails. A "hand-fed" cartridge will not chamber properly with extractor pickup for the reasons stated above. The large rim, minimum extractor grip, etc.
4. Your good-condition Mexican Mauser probably has little collector's value with the ruined bore. If you decide to re-barrel it to .45-70, you probably can't duplicate the military stepped barrel profile because of the large caliber.
5. It's still an interesting project, but entails LOTS of fussing, feeding, and work.
HTH
John