The 700 short action and the Mod 7 are both 2 lug bolt actions, but the similarity pretty much stops there. No parts are interchangeable, triggers are similar but not interchangeable, bolt spacing is different, scope mount bases are different...........I think maybe the followers may interchange but have never really checked it out, so I can't say for absolute sure. They are both excellent actions and either one makes a very nice rifle, the mod 7 being a tad lighter.
I have many of all 3 Rem actions, the mod 7 (7) mod 700 short (6) and mod 700 long (14) and they are without a doubt my favorite action to build on and hunt with.