There were numerous LE's converted to 7.62 for target use, and some kept in 303 for same. 22 conversions were around back in the day as well. I've seen LE's converted to 223 before (and 45-70, 444 Marlin, even a couple that had been done to 30-30 and 30-40, god knows why). As to it's suitability as a "target rifle", well, how accurate do you need your target rifles to be? They can be made fairly accurate, but it won't be cheap (even if you do the work yourself), and generally speaking a 223 Stevens would most likely shoot as well or better. FWIW - dan