Why would you use a milsurp rifle for hunting, unless it is in original and un-modified condition?
If you are looking for cheap and light, get a Savage Axis.
I can give you all sorts of valid reasons for using a "milsurp" rifles
Right now, I have several rifles that I hunt with using milsurp receivers.
One is an M96 chambered for the 6mm Remington, which has been modified for #### on opening, with a low swing scope safety and fitted with a take of Remington 700 Varmint barrel, which was threaded/chambered and fitted to the receiver and has a Burris 4-16 with AO, all mounted into a Hogue stock with an aluminum bedding block. It shoots like a laser if I do my part.
I have at least 8 other WWII dated 98 receivers that I've picked up, already modified for scope mounting, chambered in 338-08, 7x57, 8x57, 30-06, 308Win and an almost finished 280Rem.
I shoot a 6.5x57Mauser that was built on a bubbaed Greek Mannlicher Schoenauer surplussed during the 70s. It's got the non detachable rotary mag, Habicht rail type scope and even better, a 1-8 in twist barrel with an excellent bore that shoots all bullet weights available for the 6.5 extremely well and is as smooth as oiled glass to operate.
I haven't shot the 280Rem yet but all of the others shoot better than I can hold, the 7x57 and 8x57 have original barrels, with excellent bores.
They just feel right to me and because I have a few bins with accessory parts, some getting darned expensive, as long as I can obtain decent take off barrels for reasonable prices, I will build anything I feel like playing with or shooting when the whim strikes.
I will agree though, for the average shooter my options aren't open.
The Savage Axis is about a cheap as it gets and even though they are FUGLY, they shoot better than most people that own them, and they are extremely functional. Sadly, most people going to these low-end, good-quality rifles put low-end, poor quality scopes/rings/bases on them and don't reload to bring out their full potential.