Hi Aidan.z, it depends what you are starting with, and what you want to end up with, but here's my humble 2 cents from the info you provided.
If you are doing a proper restoration, i.e. what collectors would favor, you'd want to remove as little original finish as possible, to preserve whatever you can that's original. If you refinish everything, well, that's a different story alltogether. The gun will end up probably looking better, but lose its original features.
Now, I suspect your rifle is sporterized, and may be a "commercial" sporter rifle, as opposed to a gun which would have been modified by a fellow in his basement shop. In that case, refinishing in any way you prefer would then be ok given that the commercial factory would likely have refinished it to begin with anyway.
Any chance you could post a picture of that project gun? That would help many folks here better know what advice to provide.
Lou