One could 86 the cone and go to a flat breech. The case exposure won't be anymore or less because you cut the 90* at the base of the taper anyway. Feeding concerns shouldn't be that big of an issue because a CRF action should be presenting the full case head to the bolt face before the cartridge engages the breech face anyway.
The bigger issue at hand here that hasn't been mentioned is the thread tennon. A typical M70 only has around .750" or so of threaded joint. The 60* cone on a .480" bolt face consumes roughly 1/3rd of that thread length. Chopping off the cone results in only around a 1/2" or so of thread engagement with the receiver. It might work, but when you look at the broad spectrum of receivers out there today, I am not aware of too many running the business end of the barrel that short.
Probably not the best solution...