I think if I found a rifle like that I would snatch it up and send it out for rebarrel in the original 303 Brit; nice tight chamber and .311 bore - oh yeah. I once passed up a Parker-Hale #4 MkI sporter to give a young kid a chance with a good solid big game rifle - shoulda duped the kid and snatched the rifle for myself, no more Mr. Nice Guy here, lemme tellya.
My problem was that I was hemming and hawing about buying it - price was incredibly good and I shoulda, dang it, but didn't, because I have 3 others that all shoot very, very well.
Although the SMLE actions are hefty I would prefer a nicely (read newly) barrelled 303 British over a 308 even though you can get the 308 in some newer, lighter weight actions. Just a preference, but I would go back and get it and make it a pet project....................