Not to start big arguements, the diameter of the case body at the head of the 7.62x54R is .485, as compared to a nominal diameter of .471 give or take a few thousandths for the -06 family case. (actually the 8mm Mauser, but that is another disscussion) The 7.62x54R operates at app 45,200 psi (at least according to Accurate Arms who used Norma ammo to determine pressures as no SAAMI standard for this round exists) and it is standard practice to never push a case above the pressure limits it was designed for. The 7-08 operates at 52,000 cup (its parent , the 308 operates at 62,000 psi), but the 7-08 drives 150 grain bullets to 2600-2700 fps the 7.62x54R drives them to 2500-2600 fps. I doubt that such a conversion would be worth the effort esspecially as you are dealing with a bastard case. I also don't think that extraction would be any more reliable. One fellow went so far as to have his 308 rechambered to the 308X444, which is basically a rimmed 308 based on the 444 Marlin case, unfortunately, it did not solve his troubles.
I would stay with the 7-08, since you handload it sould be a simple task to load ammo that won't stick. As well, you would stay with a case for which there is a ready supply of brass, and can be readily formed from several other cases if the need existed.
As Fred said, if you want 280 performance, get one and be done with the headaches.