When you can buy a barrelled mauser action for $100, a composite stock for $50 and a barrel from about $75 up, how can you go wrong? About any caliber you want to make on your own for $250-300. Sporterize military gun for $150 plus the gun. And Yes!!! Discounts at wholesalers and suppliers. If you do much shooting, you can't go wrong.
Steve 
It's a route I've went twice now. Though I'm satisfied with the results I got, I'd never make the mistake of believing sporterizing a military gun to be low cost route to a hunting rifle
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$100 gun
$50 stock (if you skimp - personally I prefer wood so we're talking closer to $100 for a decent wood stock - I went $250 on a Myrtle stock for my .257 Roberts)
$75 barrel
$75 barrel installation
$35 bolt bending
$40 scope drill
$20 scope safety
$100 reblue
Now we're talking ~$500 - and unless you spring a bit more for some action work or stick with something with the same parent case as the original, it probably won't cycle quite as smoothly as an off the shelf rifle.
Sporterizing is fun, but don't go into it thinking you're saving money. If you want to save money on a hunting gun, buy a basic Savage, Marlin, or Mossberg. Or check out the used racks for a sporting rifle. You can darned near always find a nice bolt action .30-06 sporter for $300 or under if you look around and bargain a bit.
