Relative clauses and participles

I know that you can use the present or past participle to replace/shorten a relative clause when the relative pronoun is the subject of the relative clause.

He looked at the books that lay on the table => He looked at the books lying on the table.

Is this always possible or are there more rules?

For example: The man who called earlier has now arrived.

Rewriting it with a participle sounds funny to me: The man calling earlier has now arrived.

Or: George Stephenson, who designed the "Rocket", was responsible for the development of the famous "Adler", which ran on the first public railway line in Germany.

Can you really rewrite it like this: George Stephenson designing the Rocket was responsible for the development of the famous "Adler" running on the first public railway line.

If you can't - and I have the "feeling" that you can't in some of the cases above - rewrite those sentences that way - why not? Are there any grammar rules that govern this?