I understand there are some concerns about low serial numbered 03s, or possibly the M17s with low numbers, as some might not be heat treated properly, which would make the action weak. I once saw the bolt handle on an 03 break off as it was being, or tried to be cocked.
Yes, they are nice rifles but unless I was starting from the action up I would find something else to sporterize. The 03s and 03A3s have both historical and collector value and as such might be best left in original mil-spec shape. In addition, there ain't nothing lightweight about those rifles or their actions, they were built for use.
Methinks that were I to do it again I would go for another M17 and shorten the barrel to just behind the front sight (still gives you about 26" I believe), take the ears off for drilling and tapping, add in a Bold or Timney Trigger and flatten the floorplate for an additional round. Even then it will weigh in at about 10lbs, which doesn't make it the lightest weight chunk of steel to go luggin' around the woods. As an alternative I would purchase a newer, lighter weight action, have it barrelled with a 24" medium weight sporter tube and be able to cart something around that is just a bit lighter. Just a thought. Mikey.