I bought the 111 combo (with Simmons 3-9x40 scope - I think the full package designation was the 111FCXP3) in .30-06 about a year ago. These are some of my thoughts on it:
I'm not sure if you have the option to get the Accutrigger on the 111 - if you do, it might be worth the extra coin. I didn't, and I kind of wish I had, because the factory trigger weight is kind of a beast.
I bought mine with a synthetic stock - this was a fine option for me - although it certainly does nothing to reduce the recoil. I imagine that the .270 w/ synthetic stock would also be pretty snappy.
Regarding the dropout mag.: it is a nice feature, but it's also a bit of a finicky design - you have to watch that it seats properly when you insert it. That is to say, it can lock into its receptacle, while not seating quite right, and as a result the bolt won't push the next round into the chamber.
The Savage action is by most accounts quite reliable, but in my opinion it feels a bit 'loose' compared, say, to a Remington 700.
Savages are typically also nicely accurate out of the box - mine was. It performed well on the range and in the field - I shot two whitetail with it last year - and it was easy to put my shots exactly where I wanted them.
Having said all that, my intention is not to dissuade you from purchasing a Savage of this particular model - I simply wish to make you aware of some of the idiosyncracies of this firearm. If I had to buy all over again, (or if I was in your position, having a scope on hand already,) I might end up going for a Remington 700 BDL, with a hinged floorplate. If you shop around, you should have no problem picking one up for around the $500 mark.
Good luck with your decision - I've never shot a Stevens, but I'm sure in the end you'll probably be quite pleased whichever route you go.