I really don't know but if the diameters are the same or the compact is a bit smaller and it's shoulder is closer to the bolt face it should be doable.
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Thanks, gunnut69! Good point about the magazine. Even though the cases are the same length, the 300 WSM permits an extra 0.020" in COAL. That's not much, but I'd have to check some WSM cartridges. The shoulder of the 300 RCM does start 0.0201" closer to the bolt face and it has a smaller angle so I think the WSM chamber exceeds the dimensions of the RCM in all respects.
As you said, there doesn't seem to be any reason for the 300 RCM to exist (perhaps the 338 can be justified), except for royalty fees or Ruger just wanted a cartridge with their name on it. Quickload confirmed that it performs like the WSM, with a bit less case volume to work with. Given the similarity of the cartridge dimensions, that's no surprise, despite the marketing hype.
Hopefully, my brass supply will last me and it's something that I won't have to ever consider doing, but it give me a little extra comfort to know there might be a way to extend the usefulness of this potential future orphan.