RE: 7mm Ultra Mag
Is it not entertaining to watch folks post that having a RUM or whatever, is not worth more than their 300 Win Mag? Yet they chose the win mag because it was a bit faster than the 06! It goes on and on.
Yes you can rebarrel. Top notch job will run about 750 or so. But you can find cheapy jobs in the area of 200 or so if I understand right. The barrels won't be any better than factory jobs though. So its all up to you. BTW for a 750 dollar job you should expect something like the 300 RUM to shoot into groups of 2 inches or less at 500 yards with reloads.
Depending on what you are after game wise the 7RUM that you have may be just fine. An occasional elk here and there and you are still good to go. Might have to pass on a marginal shot that a bigger gun could take but you have distance with the round and for a flat deer gun there is nothing wrong with it at all.
As James mentions, might be a great time to start into reloading.
Jeff