I've no idea how you could make that work properly .... the bolt action mechanism only advances a set distance, which works great for pens ... but a pencil lead will constantly get shorter and then need replacements. I can see no way to make that work properly with a bolt action mechanism, unless you do some major surgery involving another kit's mechanism.
I do like the Sketch Pen/Pencil combo (from PSI) ... the lead is nice and thick, and the collet mechanism is well-thought out. It holds the pen insert securely as well as the pencil leads. The sharpener being built right into the end cap finial is also a nice touch ... means you are never without a sharp writing pencil....
Now, I doubt it would actually FIT properly, but if you could dismantle the mechanism of a sketch pencil (collet and all) and somehow fit it inside the bolt action kit, so that the workings of the bolt action will release the collet of the sketch pencil inside .... this might actually work.
You may need access to a metalworking lathe ...
The pencil created will not have a sharpener you can access ....
You will DEFINITELY need to drill out the bolt action pen's tip to allow the 7mm lead to pass through.