Your cutting it close with just .005 . That's just .0025 per side for a reamer . From a machinist perspective it's only do able if everything is perfect . The run out of the barrel will need to be zero to the bore dia and the reamer must be centered perfect. Usually we run reamer at .005 per side or .01 under . I'm a aerospace machinist not a gunsmith but it's the same principles.
Just re read the tolerance and .0005 is not enough stock . It definitely depends on the depth of the rest of the chamber cuts . We've run into chatter issues with step reamers having issues with not enough to prevent chatter as the first dia is usually the support for the rest of the cut.
My math says it won't work without setting the barrel back. (if I made a math mistake, I will be glad to learn)It could, depending on how close, to true size, the original chamber was cut. If I were going to give it a whirl, I'd set the barrel back the length of the neck (.295-.300), then rechamber. You'd probably be better off just starting with a fresh barrel though.
The chamber specs of the rim diameter are not the controlling point for this potential re-chamber.
The point .200 from the cartridge base datum line is the same in both cartridges .4714
From that point the CM body taper runs out to a point 1.4864 from the base where it is .463 in diameter (body/shoulder junction). That point is your controlling point. Your new chamber has to cut that point away.
The case body taper of the 260ai is 89.75836220196909 degrees. If you calculate that taper angle to the CM case/shoulder point, you find the 260ai reamer will be cutting a diameter of .4606. And that will be leaving a .0015" ring in your chamber.
Stay well,