The smith would probably have to fabricate some kind of Barrel-Nut-Shroud to cover the exposed threads on the outside of the receiver.....unless you were ok with with the exposed exterior action threads. And when all is said and done, why not just use the barrell nut .... it works just fine.....

I have to admit I've never taken a peek at a Savage with the barrell nut removed, so maybe I don't know what I'm talking about. But I figured the barrell theaded INTO the receiver and the barrell nut jammed the barrell in place by then threading ONTO the receiver like a lock nut