Another option on lube is to use a synthetic oil that is designed to work in low temps. I use a product called Super Lube (yeah, real catchy name). It is supposed to function down way colder then I will ever be shooting.
So far, over the many years and winters, no problem at all.
Another product that I have used and really like is a PTFE spray. I got this from an industrial welding place. Degrease really well (aersol brake cleaners works slick), spray this stuff on and it forms a solid whitish film.
Makes the surface really slick and smooth. No idea on longevity but I used this on my M305's with excellent results (op rod, and spring - still greased the bolt, raceway and guide). I just resprayed everytime I stripped the rifle down for cleaning.
Today, there are so many awesome dry and low temp lubes that having a gun gum up in the cold isn't really necessary.
Holleyman, you are already off to a great start. a bit of load tweaking will likely get the groups a schnick smaller. However, don't get discouraged if the average doesn't drop much below the 4's. That is pretty much the limit of Savage factory rifles.
You will get a hero group now and then, but the AVERAGE is usually around the 4's and 5's. Best I ever got was 3/8 min average from a Stevens 223 at 100 and 200yds.
Now the best part is that level of accuracy can go out as far as you want to shoot.
So 1/2 min may not sound so spectacular at 100 or 200yds but with careful loading, you should be able to do that all the way to 800+yds.
Being able to hit a large coffee cup or clay pigeon on demand at 800yds, now that is interesting..... ENJOY
Jerry
PS don't forget to try other bullets. Bergers have shot superbly for me at LR. As have Lapua and Amax.