Yes if this occurred in 1938/1939 when they were upgrading the BAR. Indeed, the could well justify the additional cost for development and retooling with the cancellation of the Garand programs.
However, if this is occurring in 1941, they are already in full wartime ramp up mode. On an operational management basis, with the exception of tooling potentially for the stock/pistol grip, they aren't going to change anything, just go with full tilt production.
OT but every time someone types Lewis Phase Rifle my brain reads that as Lewis Phased Plasma Rifle...