Since its not illegal to do it (as in there is nothing in the law preventing it) there is no reason why not. In the past plenty of full-autos were brought into the country and converted to semi-auto (how do you think G3s arrived here).
Under current police practice it is not permitted after they adopted a policy of "once a machinegun, always a machinegun". This of course has no basis in law and if you wanted to spend the money you would probably win on a legal challenge. Especially since there are already plenty of "ex-machine guns" in circulation. It also highlights how completely illogical the police policy is on Semi-autos where they will not allow people to restrict the operation of a full-auto to semi-auto on a matter of principle only.
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