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If it were me, I would follow others advice and keep it like it is. Such a fine Ol Pre 64 mod 70! .308 really doesn't kick any more then the 08 you are thinking. A better choice is lighter bullets in standard .308 Its your to do with as you choose. For a nice scout project, why not pick up a nice cheep Mauser and go nuts with it! Those make awesome scouts, and you can do one in just about any flavor you wish!
 
If it were me, I would follow others advice and keep it like it is. Such a fine Ol Pre 64 mod 70! .308 really doesn't kick any more then the 08 you are thinking. A better choice is lighter bullets in standard .308 Its your to do with as you choose. For a nice scout project, why not pick up a nice cheep Mauser and go nuts with it! Those make awesome scouts, and you can do one in just about any flavor you wish!

Id do a scout conversion with a pre 64......if a tank ran over the barrel.
 
That's a beautiful gun! Leave it as is, or make minor fixes such as bedding it. You will later regret it if you modify it. If you want to fiddle with scouting something (I'm a fan of scouts myself), just do it on something not so valuable.

I've got an old Sako Forester in similar condition, it's got its scars and I don't use it much any more but it's still one of my favorite rifles as is.

"The reason I want a 7mm 08 if I rebarreled it, is something my girlfriend can use for deer and elk with little recoil."

That's no problem in .308! Get up some reduced loads with 125gr bullets, should do the job just fine. OK maybe not for elk but still you can load down with a 150gr bullet.
 
personally I would ave the barrel set back 1 or 2 turns have the chamber recut, and the muzzle recrowned. clean up the stock re cut the checkering, restain it and give it a nice linseed oil finish. of course after bedding the action and free floating the barrel forward of the chamber.
 
I would ask my Girl to shoot it as is just to see if she wants it different, the 308 is reasonable in recoil. The M14 had a steel buttplate which I don't recall recoil bothering any of us. The M70 is better than that.
 

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