Rocko, it sounds like you have my rifle's brother. With scope, mine weighs in at about 8.5 pounds, how heavy is yours?
By the way, when I got mine, I did some research and found out they were made in Johnson Automatic's custom shop back in the late 40's or early 50's. Go to
http://www.cornellpubs.com/Images/Johnson-1948-cover.jpg and
http://www.cornellpubs.com/Images/Johnson-1948-pic1.jpg for a couple of pages from their 1948 catalog.
The one I have looks like it probably was the Target Sporter barrel on the Featherweight Sporter stock. I think they only offered them in .30-06 or .270. I found a couple on sale on the web back then for $800 to $1200 (no idea what they actually sold for, though). Of course, they were in better condition than mine, and sounds like yours. On mine, some idiot hacked off the front ramp sight and buggered the finish up, then tried to fix it up with what looks like some cold blue of some kind. Bah!
Anyway, I've thought about re-barreling mine as well, but have always held back. After I had my smith bed the action and added the Timney trigger, she consistently shoots to about 1.5" at 100 yards with factory ammo and better with reloads, so nothing to complain about there.
Let us know what you end up doing!
Just a Shooter