Thought you guys might be interested in the construction details of this little beauty.
If I were planning on keeping it, I think I'd turn that barrel down to a military profile and return it, as close as I could, to a military appearance.  That's just me though.

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More:

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And a couple more:

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Very interesting. Single shot I presume? Is that a forward anchor point on the front action ring?

Yup, single shot and that is indeed a forward anchor point.
The military krag would’ve been well served by such an arrangement!

They must have added to the hook on the extractor to make that work. I see the bolt end recess has been bushed. We can barely see the barrel, is it stainless? Does not look too bad on a receiver that has all the color worn off. With a foward hold down on the receiver you could do a full floating barrel.

There’s a light coat of rust starting to form so the barrel is not stainless.
I think it was just a 22 caliber blanks that was threaded for this action.

I have thought about having a poor condition full-length Krag barrel, lined for .22 'Hornet'. (Although, a carbine would be ultra cool)!

I envision a Liner only going about 20 inches down the bore and being machined at the breech-end, to fit within the Krag Bolt-Flange.
The extractor tip would have to be lengthened like on the Posted Sporter.

I like the cartridge, but, I'm not sure of the pressures involved.
I'd leave the receiver as "Issued". A single-shot Krag doesn't bother me.

Thanks for posting this novel Krag!

I briefly thought about just taking the barrel and bolt for a build on another receiver.  Those are really the only parts that need be different than military issue.

The Frank dehaas book "bolt action rifles"talks about the krag, hornet combination. It seems to have been a thrifty way to put a varmit rifle together back in the day.  Depending when the conversion was done it might take .223 or .224 pills. My uncle had a .22 hornet on his farm. It had a low report and was accurate on vermin.

It appears some .22 Hornet loads create 43,000 CUP of pressure.

This was a bit of a surprise to me.

It appears to me, the Krag action is at its limits with the .22 Hornet cartridge.

Any better insights on the adequacy of U.S. Krag action strength with this cartridge?

Now I’m no engineer (just a draftsman by degree) but I do play one at my day job  ;)

The pressures of the two rounds are within spitting distance of each other so we can check that off the list.

The next issue would be bolt thrust.  Since bolt thrust can be calculated by multiplying internal area of a cartridge by its pressure, well, I don’t have to work that math to see the Hornet will have much less bolt thrust. 

Pressure looks good, bolt thrust looks good.  I think that’s about all there is.  Am I missing something else?  I’d feel pretty safe firing one.