There are some downsides to the Chey Tac but the situation remains that way for numerous reasons of which costs and ammunition/reloading component availability are at the top.
I would say costs aren't generally out of line when compared to using other large and specialized cartridges such as .50 BMG, or any of the more common big bore Weatherby offerings for example.
The Chey Tac case itself is really not that expensive. It's $1.90 US each. Compare that to what .338 Lapua brass is going for and you'll easily see it's less. The .408 case itself is being used for a variety of wildcats and that approach seems to be gaining popularity as time goes on. One such wildcat is the .375/.408 Chey Tac which in my mind is far more practical since the calibre itself is readily available though the production of high BC bullets is literally in i'ts infancy at this stage.
Sure, importing components might be a pain in the ass, but it would be worth it in the long run, especially if you order say 200-350 pieces of brass for the life of the gun.
FWIW, the .408 cal. itself is in danger of going extinct with the recent closure of Lost River Ballistics, practically the sole provider for long range bullets in this calibre. I don't know if TTI Armory (Google it) will be able to support the demand for reloading components yet. Only time will tell.
For obvious reasons, the more practical long range cartridge would be the .338 Lapua. It's been around for quite some time now and reloading components, while pricey, are readily available in Canada.
Reportedly, there's other companies starting to push the envelope of .338 calibre design as it gains even further popularity among shooters. Check out the thread on the new bullets being tested by Richard Graves of Wildcat Bullets in Alberta. Some great work being done in this area.
For whatever reason, 250gr. Lapua Scenar bullets seem to be far more readily available in this calibre than the Sierra Match Kings in either 250gr. or 300gr. I don't know of any company bringing the 300's in on a regular basis as they're expensive and no store likes to stock specialized components unless they have customers who buy them on a regular basis.
Between the Timberwolf and TRG-42? Well, were talking roughly $7,500 vs. $2,800 so, you tell me? The Timberwolf is a beautiful rifle and reportedly very well built. However, you could easily build your own custom rifle in .338 Lapua for a fraction of the cost of a PGW.
The TRG-42 is a great platform with a well desrved reputation for being a high quality, out of the box set up. The Finnish Army is saying the TRG is capable of accurate barrel life in the 6,000 round range. Holy cow!
Some people will complain that the TRG's barrel is only a 1/12" twist but so what? Generally, the 250 gr. bullets will likely be the bullet of choice due to costs and availability considerations. However, if you're that stuck on shooting +300 gr. weight bullets, then buy a 1/10" twist barrel and have it chambered/installed on your TRG-42 and you'll still be miles ahead of the Timberwolf in price alone.
For me, it would be either a TRG-42 or a custom rifle built by a competent gunsmith using a Barney Lawton action and a 30"-32" long 1/10" twist barrel in a MacMillan stock probably an A2 or A4. For me, a single shot configuration is more practical, especially if the long sleek +300 gr. bullets might be used, as the OAL quickly exceeds the dimensions of an internal or external magazine.
As you can see, there's lots of choices and things to consider here. Of course the big question is, do you have a place wide open enough to truly take advantage of what ballistics potential these long range chamberings have to offer?