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Hi, Hello123,
Not trying to downrate anyone, but you sound like you don't have a lot of experience, so I have to suggest you take the rebarrel job to a gunsmith.
Installing a new, short chambered sporting barrel is fairly easy (yes, you would need a reamer), but installing a takeoff barrel or one with the sights installed is trickier. It might work fine and headspace properly, or you might end up with the sights on the bottom, not a good thing.
Headspace is not the only consideration. I have seen one rebarrelled rifle which headspaced properly but on closer examination showed that over 1/4 inch of the case was outside the chamber, a disaster waiting to happen if it had been fired. Plus the 700 has some complications with the recoil lug being between the barrel and the receiver, and with the breech that makes the gun extra safe. IMHO, rebarrelling that rifle is not a DIY job.
Jim
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