I believe A Square still uses P-14 actions as the basis for their rifles, and they build some monsters. The RUM case offers many possibilities, as do the belted magnums, it just depends on the niche you want filled. I would not be inclined towards a rimmed case on a custom bolt gun, as it introduces the potential for feeding problems, and to a lesser extent so can a belt.
I would not be inclined to change the action to #### on opening. The #### on closing makes the action slicker in that you are not attempting to #### the action and withdraw the cartridge on the same movement.
Why would you want to change the bolt? Any advantage would seem to be theroetical at best.
The P-14 bolt face and extractor will fit a belted magnum whereas a M17 bolt face and extractor would have to be modified to fit.