As Vapodog stated the Arisaka is a very strong action. In destruction tests conducted by U.S. arsenals the Arisaka was actually stronger than any other bolt action battle rifle. It outlasted pressures that destroyed Mausers, Springfields, and Enfields. On the other hand the Arisaka is a little more unwieldy and is certainly " uglier" . But it is a very servicable, safe, action.
I would do as Vapo suggested and use it as is! As long as you can " zero" your rifle and feel comfortable with it...go ahead and use it. I currently have a M48 (modified Mauser 98 action) that I intend to use as is. The " battle sights" present an extra challenge and there is nothing quite like " holding and using a piece of history" .
The 7.7 Arisaka is also a very servicable cartridge. It compares closely to the .303 British. (Lumped very well with other major service cartridges of that era...ie. .30-06, 8X57, .303 British, 7.62X54R, etc.) Or again as previously pointed out...the .308 Winchester. For a good source of reloading info...go to:
http://www.reloadersnest.com/frontpa...?CaliberID=217
Hope this has helped!