You can check out my blog, but I am no expert and am learning as I go.
I'm 90% sure I'm gonna get the B&C M40 (#1000)... Is there a reason you want to update the scope? Are you unhappy with it? Or did it come on the rifle when you bought it? I have the EGW 20 MOA HD bases... They are pretty nice.
I went with the Bushnell Elite Tactical scope. It is a budget scope, but came with a lot of great reviews.
Keep us up to date on your project...
Here is another forum for you:
http://www.700rifle.com/forums/viewforum.php?id=11