Converting military actions into sporter rifles is an expensive proposition. The end result usually costs more than a new, or decent used, M700/M70/M110.
Military rifles are best left in their original caliber as feed and extraction issues pop up when you change calibers.
I don’t think there is anything really wrong with a 8 X 56R as a sporting cartridge, just that brass is hard to find.
Bubba won’t know what it is and won’t want it.
I don’t know how late the production of 1895 actions went, but most of them are WW1 or earlier and the metallurgy of the period stinks.
Now if you have a 30’s vintage M1895 action, the metal is probably just fine.
If I'm not shooting, I'm reloading.