I have a win. model 70 action that I was thinking of building off of and was wondering what expriences other guys have had using the winchester actions(good and bad).
I built my first target rifle on a $300 .30-06 M70 from Canadian Tire. I put on a 30" MacLennan barrel, chambered in .308, bedded it into a target stock, and used both iron sights (Central) and a scope. Still have the rifle, last weekend a newbie was using it to shoot 600m for the first time, with a scope off a bipod.
Overall, it's a decent commercial action to use, but I wouldn't rate it any better or any worse than other quality commercial actions such as a Rem 700 or a Savage 110.
My M70 has always been a good shooter, though it has never been as great as a purpose-built target rifle (e.g. a Musgrave, an RPA, a Barnard, etc). I have always been able to count on it shooting better than 5/8" 5-shot groups at 100 yards, though a 5-shot group under 1/2" is quite rare. And at 1,000 yards, it seems to always shoot 1.25 MOA 15-shot groups. Both of these are very good performances, arguably good enough to win a national championship with, but they can be _somewhat_ improved upon with one of the above-mentioned purpose-built target rifles.
If you are looking for a semi-defensible excuse to spend money, you might consider that the _only_ difference (and therefore the only cost savings) between a Barnard-actioned target rifle and an M70-actioned one is the action itself. Everything else will be the same, and will cost the same - barrel, stock, sights, etc. You would arguably be saving no more than $700 by building on an M70 (call it $500 for the trigger plus action) rather a Barnard ($1200 for the action plus trigger, IIRC). Some of this savings might be used up if the M70 needed any accurizing - some times they do, sometimes they don't (the Barnard won't need accurizing, it already has been).
If you are looking to save money and are wondering if you can build a decent rifle with your M70, then the answer is certainly "yes!".
(FWIW one of the first things I did when I built my M70 was to remove the factory trigger and install a Timney, because hey everybody knows that factory triggers are no good, right? Well I never was happy with the Timney, so I ended up buying a Jewell ($$), and while it was OK, it never was as wonderful as I imagined it ought to be. I eventually tried putting the factory trigger back on, and am still using it. I have shot many different kinds of triggers, and am quite happy to shoot this factory M70 trigger in a national competition)