Beemanbeme, that's not a bad idea, maybe even some kind of long eye relief scout scope.
But one thing I really like about my 700 is that if I close my eyes and bring the rifle up to shoot, when I open my eyes the sights are aligned. When I had a 'scope on this rifle, I could never get a consistant "weld" on the stock. It just seems like its made for open sights. So that's why I figure some kind of peep sight is what I want, preferably one that doesn't need a taller front sight.
I checked out the Williams website and they do have one sight for the Rem 700 that requires drilling and tapping and the one that cma g21 pointed out that mounts to the rear scope holes. That sounds like the one for me.