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To convert a long action Rem 700 to a short action cartridge (.308, .260, etc.) may well require more than just rebarreling to achieve consistent reliable feeding from the magazine. Ideally, the magazine should be "shimmed" (as one person mentioned, but there must be a better term for the magazine spacer arrangement that Savage uses to allow its long action to digest short action rounds). It is for this reason (and the nearly ballistically similar performance) that a conversion to .308 from .30-06 in a long action gun makes very little sense. In addition to fabricating a spacer for the magazine, some rail work might well be involved.

In order to just rebarrel and go shooting, the OP is better served (with reduction of .30-06 recoil in mind) to go with one of the '06 case-based smaller caliber cartridges (.280, .270, 6.5-06, .25-06). Of course ALL this trouble could be easily avoided by just loading 125g bullets in the .30-06, or reducing powder charges behind the heavier, more standard-weight .30 caliber bullets. Seems a shame to trash-out a fine Pac-Nor barrel.

I am puzzled by the repeated concerns that somehow more .308 loading data is available. I would wager that there is probably no cartridge on the face of the earth that enjoys more loading data than a .30-06. If your goal is something that shoots flatter, and will give your 7mm Mag buddy a run for his money at the range, any of the '06 case-based cartridges would serve nicely. If "off-the-shelf" ammunition availability is of no concern, the 6.5-06 is a stellar performer at extreme range. A good number of 1000-yard competitors who gravitated toward the 6.5-.284 as the legendary "darling" of the long-range circuit are now reconsidering and happily discovering the 6.5-06 as perhaps a better choice.

Finally, I will say that I am 100% behind MarkW's sage advice and experience regarding the Magnumbs. The guys that claim to be able to shoot them well are numerous. The guys that can actually DO SO are so very, very few, and these shooters hold enough experience to know the indisputable axiom that EVERYBODY shoots a gun of less recoil BETTER.
 
As to barrel life, there can be no discernable difference between the .308 and the .30-06. "Barrel life" is a nervous concern that should not be given any thought whatsoever, except for the regular competitor who uses his rifle as often as you and I use toilet paper. No regular shooter or hunter (using a "conventional conservative cartridge") will wear out a barrel in a lifetime. By "conventional conservative", I would mean such cartridges as the .308 or .30-06. I would add the requirement for proper barrel care, and strict avoidance of rapid-fire practices where the barrel is not allowed to cool at least somewhat.

It is when we venture into not so "conventional conservative" cartridges that we should be only a bit nervous. Cartridges of "overbore" capacity, such as the .220 Swift, .22-250, .25-06, .264 Winchester and such CAN allow a moderately regular shooter to eventually see bore wear that MIGHT negatively affect how the gun shoots. Once again, proper bore care, conservative loads, and avoidance of red-hot barrel temperatures even with these cartridges can allow a lifetime of shooting. On the other hand, a fine barrel can be "burned" in one shooting session. I have a .25-06 (Browning Single Shot) that is the only gun I have ever owned that now shows visible throat erosion. I know when it happened: I fired 12 (admittedly top-end velocity) rounds through it within about 90 seconds in order to put down a wounded Pronghorn that was going away fast. No chance for the barrel to cool, and it was very nearly stove-element hot when I finally caught the goat with a bullet. Though the throat erosion is noticeable even to a novice with a good borelight, the gun shoots just as well as the day it was new. A worn barrel is not necessarily a done barrel.
 
When I recommended the .308 I had missed the comment that your barrel is on a long action rifle. Spitpatch is right, sticking with the 30.06 makes the most sense. Folks have been competing with the '06 at extreme distances since before I was born, and I'm old. So I'd use the 30.06. Ammo is cheap, components are cheap, and you don't have to rebuild your gun. Use all the money you will save on gunsmithing and buy another gun, or at least more ammo!
 

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