Yeah, they'll work. It not a matter of the belt being spaced properly for the ammo. The belt has to be spaced properly for the gun. If you could somehow stretch the links so that they didn't overlap, the gun would not feed properly because now the links have a bigger gap between rounds.
The 54r rounds will overlap, but think .22 ammo. Each one loaded should be below the last. When the belt is done... the last round loaded will be the first one into the gun. The round has to exit the links straight out the back, so plan accordingly.