I know I am drudging up a two year old thread, but I am trying to find out info on what I believe is the same rifle the OP had inquired about.
I found this Model 70 Lightweight at a local FFL. I believe it was made in the 80's and is a push feed. Very nice set of sights. The rear sight folds forward, and the front has a hood. Chambered in 7x57mm. I can find several references to Featherweights in this caliber (disc in 1985), but I can find no reference to the Lightweight model in 7x57.
If anyone has any info on this gun, I'd apreciate it!