Sure is a feather in the wind idea. LI M3s are too far beaten, and if that was a plan, 74 of them wouldnt have already been retired.
As for compatibility, there are no major issues, but some.
Third rail shoes notwithstanding, it may be as simple as replacing the shoes and hangars, BUT, how the contact shoe beams are attached to the trucks are entirely different on each railroad, you may be able to put a MNR shoe and hangar on an LI car, but if you went the other way, you'd have issues on curves.
The electric couplers may or may not be the same. I don't remember if the LI changed the M3 couplers to match the M1 or vice versa, but the control trainlines on MN & LI are the same.
Other things are different, but they wouldn't affect interoperability, for example, LI replaced all their Motor-Alternators with inverters.