MI has a 5 round limit on hunting rifles but you can just block the mag and go with it. I do not believe there is a ban on FMJ but quality HP and SP ammo is available, I suggest you go for the premium stuff though, Wolf HP is not a good choice for hunting IMO and you shouldn't burn up to much hunting ammo over the course of a year and you can do your training and such with Wolf or surplus ammo.
The SKS is an amazingly good rifle and I DON'T recommend changing it too much. The 10rd mag is perfectly acceptable as long as you learn to use it well and keep it's limitations in mind. The hi-cap mags, as a rule, suck, they are unreliable and far more prone to breakage and failure than the original. On changing the stock I am ambivalent, too many aftermarket stocks are 'Fudd' optimized with cheek-rests and such and some are not as sturdy, most of the "Tactical" stocks are just crap, heavy and breakage prone with a bunch of stuff that you don't need. I might see putting a red-dot or long eye-relief scope on it (mounted forward to avoid blocking the stripper-guide) and maybe (MAYBE) putting a light on it if it is your only Civilian Defense Rifle but you can do that with the wood stock.
I really suggest you get the book "SKS Rifle Gunfighting" by Gabe Suarez if you want to use the weapon as a CDR. Gabe dislikes the tacti-cool mall ninja garbage you see out there and I completely agree.
I am not a big fan of non-chromed barrels in an SKS either, too much surplus 7.62x39 ammo is corrosive to some degree and thus you run into problems with cleaning and maintenance that could be drastically reduced with the chrome bore. I also recommend having the barrel re-crowned, I have noted significant improvement in accuracy with SKS's that have had this done. No the SKS is never going to be super-accurate no matter what, but I have seen bench-rest groups drop from 4moa to 2moa with some of the better surplus ammo (Yugo is the best).
Hope this helps