i searched the round on google did not see any pressure or case dimensions so was not sure if this would work.
Case dimensions- same head size as a 223 (.378"), with a case length of 28.7mm= 1.130", so it is shorter than a Hornet. A 221 Remington Fireball is 1.400", almost exactly the same as a Hornet (1.403").
The 5.7X28 propels a 32 gr bullet at 2,350 fps, 45 gr at 1,950 fps out of a 10.3" barrel, so it's not going to displace the Hornet based on performance (2,700 fps with a 45 gr). And the fact that it is a proprietary round means you would have to modify it slightly in order to get a reamer built for it. All in all, if you want a 5.7X28, get a P90, or you could have a rifle built in 221 Remington Fireball and get an extra 1,000 fps.