Gary,
That action is, of course, a Model 70 Classic, rather than a pre-64 but it is similar. It is interesting to note, the fracture occurred along the edge of the raceway cut which, on these rifles, runs right through the threads. The Pre- 64 is not cut all the way through the threads but the receiver is quite thin, about like a 96 Mauser, on the right side. Another point is that the right hand lug is short.
The 338 with a Barnes bullet, in the STW, would have produced way more pressure than the 308 Norma with a Swift bullet did in the STW I built on the Remington 700. I don't think the Barnes bullet would swage down very easily !