That does exist and has for decades. That is exactly how the Daewoo K1A1 works.
Never saw the guts of them, but Olympic and ZM/Para have made guns of similar concept.
I know a guy who used to have a K1 issued to him and he never mentioned any issues with the rifle. He did say that he liked getting to handle a K2 and that they only loaded their mags to 25
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