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Why not? Even if it didn't have sentimental value, their actions are known to be pretty smooth, and accurate out of the box.
I don't take it as a "given" that because the barrel got run over, that the action got bent.. Depends on where the tire ran over the barrel, and how much if any stress was placed on the action.
Look, building a rifle off an action is done everyday...especially us DIY'ers that use Savage actions.
Only "issue", and it really isn't one...is the metric barrel threads, it's just a matter of finding a smith that doesn't mind metric. Get a nice blank, have it threaded and chambered. Depending on your son's interests, and how close to what "Grandpa" had it he wants it, it might be an opportunity for a caliber change if one would be beneficial.
Is it going to cost more than a new factory rifle? Sure... but you could take advantage of the opportunity to build a semi-custom with a trued action, match-grade barrel (could go with a varmint barrel if target is his game) and it would be something that could shoot better than him for a long time to come...and then hand down to his son.
Either way, unless you're sure the action is toast (and like I said, I really doubt that's the case unless it got run over directly) hold on to it, it may be a project he'd want to undertake himself when he's older.
Handing down firearms, is steeped in American tradition.
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