Congrats on jumping off the deep end ;-) Are you making your own .338LM ammo?
BTW if you are looking for places in NB to shoot your rifles at long range, PM me and I can make a few suggestions.
There are different reasons to wait for a barrel to cool.
- in a factory rifle, especially one in which the barrel is not free-floated, it can happen that the point of impact shifts as the barrel heats up
- sustained rapid fire can cut into barrel life
- in dead-calm conditions, you can get something called "barrel mirage", in which warm air rising from your barrel can severely muddy up your sight picture.
In target rifle shooting, oftentimes shooters will fire as rapidly as match conditions allow, in order to "beat" changing wind conditions. In US and Australian target rifle shooting a skilled shooter can fire 15 shots in 5 minutes. Also, in Service Rifle shooting shots can be fired even more rapidly than that - in US "across the course" shooting it is 10 shots in 60 seconds, in Canadian Service Rifle shooting it is 10 shots in 30 seconds or so.
In summertime, firing 12 shots from a .308 target rifle in 15-20 minutes will make a stainless barrel almost painfully hot (but this is a routine pace). Higher capacity cases (.22-250, .243 Win, .338 Lapua) will get even hotter than a .308.