If you are just shooting targets out to 500 yards I'd go with a 6.5 creedmoor or even a .223 before a .308, but thats just personal preference. Also I'm not a huge fan of the detachable mag on a bolt action. Other than that looks like a good setup.
How about the 11 long range hunter in 6.5 creedmoor?
http://www.savagearms.com/firearms/m...ONGRANGEHUNTER