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You should have it checked by a competent gunsmith for head spacing and to ensure that it was properly bedded and has some manner of recoil lug. From the work done, I can only guess that whoever took the time to make such a nice sporter would have ensured that the proper steps were taken to make sure it was a safe shooter, but always best to check with a second-hand rifle. How's the bore?
I don't know if it's a factory conversion but I had one that was pretty much identical.
There was another gun smith in southwestern Ontario doing work like this - Buck Schauber. I have one of his rifles and a photo of him and a friend in his shop. The Ellwood Epps Improved (not approved) was a blown out .303 cartridge that Ellwood came up with. I know a few fellows that had them and were quite happy with them. Here is my No 4 Mk I one-piece stock conversion. While I hate to see original rifles mucked with, at least this was some nice work. If anyone is thinking about a project like this I have a spare action floating around that has had the hard work already done to it......