Those older Rem 700 actions are very good metal, yours probably has the plumb color on it? 30 years ago I sold 5 guns/scoped,dies,etc when I came back from Alaska. 338,7 mag,30'6,308,243. Built with a stainless 700 SA. Jim Lutes did the work.He called it his Poor Mans Sheep Rifle in 284 which is the round I wanted. I sent him my Lilja barrel and the stainless Rem SA action...his recommendation. I did switch the Mcmilian stock the next year and went Brown Precision and cut a pound from the gun. Custom mag well for a 3.1" round to maximiz the 140 gr Barnes this gun is built for.A modified bolt stop that lets the bolt come back an extra 3/8". One sweet gun! Pretty trick in 1990.
With Warne quick detach rings,3x9 Leupold compact. Nothing has changed in 30 years! I KNOW how to shoot MY gun! Long story short...these young guys that just have to have a $5,000 gun is nuts. This gun shoots a 3/4" @100 all day.These are 300 yd guns ,equates to a 3" group at 300 yds.My longest shot 340 on a cow.a total pass thru. I took the shot cause I know MY Gun. $1300 to have it built total...that would be around $2500 now. Took what was left from my rifles and bought a Bench Rest gun.Have been shooting 1 K , 100-300 yd BR ever since. I'm 67..I shoot pretty good OK.
You have a good action,rebuild and keep the memories,just trick it out. Your there,sit down and add up what you need. Then decide. See ya,Pete
One more ..dont drill holes in your bolt handle to reduce weight.Drill out the knod instead.If it breaks off you can still work the bolt,cant do it if it breaks off closer to the main bolt. Have seen some trick $5,000 guns,I question that gunsmith........