And layman's terms I think that means if there is enough shank there, it's a cut off the threaded tenon, turn and thread a new one, and re chamber. Pretty much starting from a blank, if not more.600/660/7/700 use 1 1/16”-16tpi
788 use 1”-20tpi
Remington 700 = 1.0625" x 16tpi x 0.883" long minus cutting off the bolt nose recess of 0.150" leave 0.733" long threaded portion before shoulder taper begins, ie. you run out of barrel diameter for the 1.560" threaded length required on a 788. (Remington 788 - 1.000" x 20tpi x 1.560" long). In other words, it's NOT going to work.
You'd be better off using a Savage barrel. (1.0550" x 20tpi x 1.565" long).