First of all, the 5.45x39 and 7.62x39 are not even close to being the same size! I took my conclusions from my experience with AK47's chambered in 5.45x39 and .223.I own one of each and have torn them down,looked them over ,measured,changed things around,and have come to the conclusion it would work..223 mags function inthe 5.45x39 AK and the 5.45x39 mags feed in the .223 AK. As far as I know,it's never been done,unlike the AR in 7.62x39,which has been around for a while. I've owned them and had lots of problems.Like I said, if you want to use 5rd mags,they work alright,but nobody I know buys an AR so they can have a little bity mag that holds no rounds and can't even be seen!It's very similar to the mini-30,I've had 2 of those and could'nt get any mags past 10rd to work consistantly.Maybe I'm being misunderstood,but in my opinion,if you constantly have to mess with somthing to keep it working,you have to decide if it's worth the hassle.And for me,the constant jamming,tweeking on the mag lips,etc was not worth it.
But I do belive the 5.45x39 is close enough to the .223 that such a conversion would be fairly painless.