Greetings,
I encourage you to go ahead with your project. I bought one of these revolvers a few months ago, and I've been having fun fabricating brass with .223 cases. (I used Lee 30 m1 dies).
I got the revolver from Cabelas, and when I looked at it they warned me that they didn't have the ammunition. That didn't bother me, since I planned on making the stuff anyway. I happen to have a lot of once fired .223 brass lying around, and I'd heard you can make 7.62x38r brass from it. After I'd successfully made some 7. 62 brass, I found I had a problem loading it, and I thought I'd explain how I found a solution.
I got to the same point you did ( .223 brass reformed, belt at base). It was pretty easy for me to remove the belt, because I have a lathe. I think a drill press setup would work just fine. I'd recommend supporting the base of the brass somehow, maybe with a decapping pin inserted through the primer pocked hole to keep the brass from wobbling.
The problem I ran into was in trying to use .312 bullets in the reformed .223 cases. When I seated the bullet, I got a nasty bulge in the case, and the round wouldn't chamber. I figured "no problem", I'll just resize (with 30 m1 die). Well, yes, the round chambered. But I pulled the bullet, just to see what was going on, and the portion of the bullet that had been in the case was swagged down to a diameter that was smaller than the groove diameter. The things would just rattle out of the bore, if I tried to shoot them (I didn't).
I was a bit puzzled at this point, because I'd read a number of posts that talk about using .312 bullets. I don't know for sure, but I think the 32-20 brass is thinner that the .223 brass, so you can use .312 bullets in 32-20 brass, and still be okay. I don't really know, since I've only worked with the .223 brass.
What I ended up trying was reaming the case mouth of my resized .223 brass. I used a 5/16 reamer (5/16=.3125, you can find it at FastenAll, about 12 bucks). I ran the reamer into the .223 brass only as deep as the bullet I used (.312 plated RN).
I've read a lot of posts on how to get a crimp that duplicates the factory crimp. I had no trouble at all using the Lee 30 m1 die. I seated the bullet first, and later ran the crimp with the Lee die. It left a larger diameter at the case mouth than factory brass, but in my revolver (Tula 1939) the stuff worked just fine, gas seal and all.
It may not be possible to ream your cases in a drill press, I don't know. but if not, I think you can load .308 bullets in your reformed .223 brass.