I've seen a few of these. Definitely for drills. The sad thing is that the bore itself might be virtually pristine, but that hole drilled through the chamber makes the barrel useless.
However, you should expect that the rest of the action is complete and functional. I've actually seen a few of these made into shooters simply by putting a new barrel on. If it's a P-14, you could get another .303 barrel, or any barrel based on a belted magnum (changing the magazine box, of course). It also appears that you could use a barrel chambered for one of the short magnums like the .300 WSM, in which case you might be able to get away with the original magazine box.
Good luck.