I understand what you mean about the confidence part. If you don't practice with it enough then how can you build your confidence back? I have a 742 that was my dad's that still shoots pretty good. I have it zeroed and use it maybe once a season. It has been a reliable hunting rifle its entire life.
There is one option you could explore though. There is a company that will convert 742's into pump action rifles. I am not endorsing this company nor have I seen a rifle that has had this conversion, however they area Remington Premier Field Service Center. This may or may not matter given the age of the 742. Here is the link, scroll down the page near the bottom:
http://www.ahlmans.com/riflework.html