IMO
The Krag is a fine action for what it was designed for, although the US Army dropped it as soon as they could for what ever reason. (mostly because the Mauser kicked its backside, and may hold the record for shortest lived official service rifle, or certainly one of the shortest)
It would not be my choice to see how far it could be taken for the sake of just being able to say I did it. Big powerful cartridges usually say big and often dangerous game. Not the place I would want a "Opps just shouldn't have happened"; least wise when there are so many many better safer action choices.

Of course to each his own.
I have a 405 and it is fun to shoot. I shoot 54 grains of 3031 behind a 300 gr bullet in a single shot Fraser action.