Latest update: I was having trouble with the .177 pellets getting hung up as they entered the valve body. I enlarged both the entry and exit holes of the valve body from 3/16" to 13/64." It seems to work much smoother.I decided to bag the Crosman spring-loaded bb magazine, because it was too hard to load the pellets into the small hole on the top of the barrel. Instead, I replaced it with a length of 7/32" aluminum tubing that extends from the muzzle to the valve body. I will insert the pellets into the muzzle end, followed by the long spring, and then fit some type of cap over the hole. I will post pictures tomorrow!
Update: When I tried to tighten the hammer spring, I think I made it too tight. It was actually pressing against the valve and keeping it open, so all the CO2 would leak as soon as I put in a new cartridge. I think I may have it set up correctly, but it's too late to test it tonight. More to come.
I just got a crazy idea - to modify a Crosman 500 semiauto bb repeater to a semiauto pellet repeater. I already tried putting pellets into the spring-loaded bb feeder, and they fit. I will have to modify the valve so that pellets will fit into the plastic piece that transfers the bb's from the feeder to just in front of the barrel. Maybe add a 1077 rifled barrel instead of the smooth one that comes with the 500. Anybody else ever try this?
Update: the valve is holding CO2 just fine with a new hammer spring that I found at Ace Hardware. I loaded up a few pellets, but the loader jammed after a few shots. It appears that the pellet is not being pushed all the way into the plastic loader thingy that moves the pellet to right behind the barrel. I have been using wadcutter pellets, which may be part of the problem. I will try some domed pellets next, to see if they are more "forgiving" than the flat-nosed type.