Con,
Some time ago I bought an old P14 303 Eddystone drill rifle. The action was in fine shape but the barrel was demilled by having it drilled through in the chamber area and a pin driven through it. This was common years ago when building parade rifles for marching bands. I took the old piece, discarded the stock and barrel and did a complete refurbish job on it.
Combining a nice E.R. Shaw sporter barrel in 300 H & H Magnum along with a Richards Microfit thumbhole stock, I had a very nice rifle. Being the P14 was chambered for the rimmed 303 Brit cartridge, it is very well suited for a magnum cartridge and the bolt required no modification.
Since it's construction, that rifle has served me very well in taking game. I can speak very highly of that design. It is true however to watch for an action in very good condition. I also understand from my investigation that the M17 is the better selection when attempting to create a sporter and not be concerned with metallurgy. The only short coming I can identify is, that action is quite heavy and does not serve well as a lightweight walking hunting rifle. Have fun.
:-)