I have an Interarms Mark X Mauser in .375 H&H Mag and the max LOA of that cartridge, 3.6 in., is the same as the 458 Lott. The Mark X , although made in Yugoslavia, is a standard length 98 Mauser while I believe the Yugo M48 is an intermediate length.
My Mark X does have a longer magazine box that extends back under the bridge, and I'm not sure how this would work on the 1/4 in. shorter M48.
This is not going to be a cheap mod, unless you can do all your own magazine building, as those magazine/trigger guard assemblies aren't cheap for a standard mauser and i'm not sure if they will fit a Yugo.