Sell the 700. Don't spend money and time on a entry level design.
Also if you modify any gun like that it's value to others will fall.
Look at M70's, Ruger 77's, Kimber etc. and get a CRF action with a three position M70 type safety and some much nicer machinery.
Get a rifle with a thick soft recoil pad like the Decelerator.
A 270 will do most hunting well and kick less.