Here is my 2 cents, for what it's worth. Back in the day, after WWII, there weren't a lot of sporting bolt action rifles available. Building sporters out of cheaply available military rifles made sense. Now the situation has changed. The older military rifles are getting more and more scarce in good condition, and commercial hunting rifles are easily obtainable and cheap. What you want to do will cost you far more than buying a brand new Rem 700, Howa 1500, etc etc that is already designed for a scope, has a good trigger, will actually feed a 25-06, has a stock that fits like you want, on and on. And someday those mint condition (if that's what you have) M48s are going to be worth more than $150 or whatever they are going for these days. I did a conversion on one a couple of weeks ago very similar to what you describe, only in .308. It ran well over $1000 for everything, the guy was happy with the result, but I really hated doing that to a nice old rifle when it would have been possible to buy 2 new M700s with scopes instead.
