Found this when looking the k98k up.
Quote:
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The Mauser-type action is widely held to be the pinnacle of bolt-action rifle design, and the vast majority of modern weapons of this type, both military and civilian, are still based on it to this day
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So basically this "WW2 technology" you are concerned about not working is in many respects the forefather of the modern bolt action. It is a solid design that has been replicated since its invention.
Like someone else said, keep this gun a family heirloom because it can be expected to function well for generations to come. Its old enough that if a part does not need to be replaced don't replace it.