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Have also heard tales of people turning down the shank even smaller on a barrel, then maching a threaded sleeve that fits very tightly screwed on the shank, and the its threaded to the 03 action..?? I was told if the new threaded collar/bushing had very good thread contact, it would be as strong, or close to an original untouched shank..any ideas? Thanks.
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Some Italian Carcanos were converted to .308 Winchester using this method. The conversions were done by a UK company and the rifles sold as target rifles or for hunting.
A 7X57 conversion of a 1903 should be okay if done properly.
Some WW1 surplus Gew98 rifles with corroded bores were bored out and fitted with a 7X57 liner. Don't know much about those.