Hi R. Paul-

Unfortunately no…  The barreled action, sans bottom metal, would drop in…  But the M54 and M70 have very different bottom metal.  The front/rear trigger guard screws and the barrel bedding screw should line up, but the front action screw of the M54 enters the bottom of the recoil lug, while that of the M70 engages the bedding flat behind the recoil lug. 

In other words the action hole spacing on the M70 is considerably less than on the M54.

So lots of bottom metal inletting and an extra hole would be needed to adapt a M70 stock to a M54 receiver.  Plus you’d need a pre-war or transition M70 stock to get the cloverleaf tang inletting right.  It could be made to work, but would probably look awful…

Lou