The cost of opening the boltface and installing a new extractor is about the same as getting a new PTG bolt.
My advise is to trade [cheapest] or get a new PTG bolt with the Rem 700 extractor.
Is it possible to machine a bolt face from a 308 rim to 300wsm? Also will this caliber work in a short action?
I'll be doing the machining so I'll save a few dollars. How much is it for one of those bolts?
It can be done but is a terrible and dangerous idea.
You would better advised to replace the bolt.
As Tiriag states the extractor will need to be relocated, typically this is done by milling a slot along the bolt in order to instal either a Sako style or M16 style extractor.
The problem is that Remington bolt heads are silver soldered into the bolt body, milling through the side of the bolt head and bolt body greatly reduces the structural integrity of the bolt. This in my opinion is very dangerous as the engineers of the rifle never intended to have a weak point in the bolt, so how it will deal with extreme pressure is anyone guess, but I would suggest it will NOT react as the design was intended.
I strongly suggest getting a copy of the liability insurance policy from any "gunsmith" who entertains doing this sort of modification. There are many backyard "gunsmiths" who have ZERO idea of what they are doing in this regard but have the tooling to do the job and take the short term $$ gain.
Catastrophic failures DO happen and having a rifle come apart while held close to the face cannot be a fun thing, but it can be deadly.
With our Cdn dollar the way it is, it will be a lot more than I thought, but check out PT&G website for the prices in US, plus shipping and Cdn taxes to the door.
If you do decide to install an extractor, at least do the Mini -16 style like the Rem .338 LM as it's pinned in rather than the Sako style. If you haven't done one yet, get an old bolt to practice with. There's a jig that PT&G sells that I had to modify to work properly.
Do so at your own risk. I don't do these conversions for customers.
If you can do the machining to install a original style 700 extractor good for you... it is a challenging procedure.
I would never consider altering the bolt for any other make of extractor. It weakens the strength of the original design. The recessed 700 extractor makes the 700 the strongest safest 2 lug bot action ever made.
Sounds like the cheap solution is to sell or trade your rifle; buy or acquire in trade what you want. It does not take long to make this alteration as expensive as just buying the commercially available version.
I understand the risks involved with the conversion- and why guys worry about the extractor becoming a projectile and I certainly dont suggest doing it. What I dont get is why nobody has the same complaints with all the 700 clones that use a sako style extractor.