Here's where I need the help; I also don't currently own a Model 700.I've read all the stuff about smiths using the Model 700 action more than any other for accuracy and durability, but I can't help but wonder is that mainly because they are readily available?I've heard that extracting the spent case is sometimes hit or miss with the Model 700?

Not only are they plentiful, they are easy to bed into a stock due to their simple recoil lug and tubular receiver. Other receivers, line the Mauser and Model 70 Win. take more work to get them right. It's just faster and cheaper to use a Model 700 action. Yes, some 700's do have extraction problems, but not all do. I once had a 721 in .30/'06, and it did have extraction problems. But I had a 722 in .222 REM., and it always worked perfectly!

If you are looking for a commemorative rifle, why not get a GI M1903 Springfield from the DCM?