Originally Posted by Big Uncle

I would start with a donor 700 action (app. $350), buy a good barrel (app. $400-$500 http://www.shilen.com/pricesRifleBarrels.html), buy a good stock (app. $350 http://www.stockysstocks.com/servlet...-700-HS/Detail), and pay a smith to true the action, adjust the trigger, and screw on the barrel. You can get a pre-chambered barrel or have your smith use his own reamer.

This would get you a rifle that should be much better than a factory rig for somewhere in the $1,500 range.