That's what they're doing on the F-22P, which is a good reflection of what the Jiangwei series would be if they're allowed to be continued for the PLAN.  For all intents and purposes, the F-22P should be the Jiangwei III.  
However, the 730 is also much heavier than the 37mms, and its not possible to replace them on a one to one basis.  So at best you can have two, not four, and you can't put one in the front.  
A much more appropriate choice would be AK-630s.  These would definitely fit on the places where the 37mm is.