No offense but I imagine the result would be a very fugly looking piece. In addition to the valid legal concerns of turning a rifle into a handgun, I think the handling of such a thing would be awful. The grip would have to be longer than the lever it would be ridiculously barrel heavy.
Here is a lever action pistol based on a model 92 Winchester. It is legal since it is originally built as a pistol and not a conversion.
http://www.rossiusa.com/product-list.cfm?category=17