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Yes ideed! You certainly can convert an existing set of dies, especially when doing an Ackley Improved. This works well and saves big bucks on custom dies! If using existing dies, you need to anneal them before machining.
We live up here where we use wood heat, and to anneal a set of dies before making an AI conversion, I just get the fire extra hot, with a good red-hot bed of coals, throw the disassembled die body into the woodstove, then let the fire go out of its own accord, the dies cool very slowly and it draws the temper out of them. Then it is a simple matter to clean the carbon off of them and machine to the new AI profile. Re-temper and you've got a ๑ set of dies!
Let us know how your project goes!
God Bless,
Marshall
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