That rifle has been lined with a Parker liner. How many of us were at that auction, anyway? I would be willing to bet dollars to donuts that the liner was intended for .22rf. As Andy suggested, check to see if it is .223 on the grooves. For that reason alone, I would NOT consider a larger cartridge case; the liner looked to be about 1/2" diameter. Recut the chamber for .225 or any of the larger .22 cfs, and I would be really worried about expansion at the chamber, not to mention rapid erosion of the barrel throat. You have no idea about how the liner was fitted. Get some .222R brass, use .223 Hornet bullets, if slugging the bore indicates that the groove diameter is .223. If you want to change calibers, rebarrel. It would be worth it. The price you paid was far less than it would cost to duplicate what is there. The rifle looked to be one of the classic varmint conversions of the '50s or '60s. Also, check to see if the firing pin has been bushed to a smaller diameter - perhaps it has had the Neidner style safety firing pin installed. The original .45-70 firing pin would be a bit large in diameter for a high intensity cartridge. The action was cable locked closed, so it was impossible to check. Incidentally, is there any indication who made the rifle up? Epps, Leach, Parkinson, come to mind.