Do you do any of this work at your shop?

I would hold off the action and recoil lug unless I was going to re-barrel, or one of the locking lugs showed less than 30% contact.

What is the intended purpose of the rifle you are building? Budget? Accuracy expectations?

Personally, if a 700 action doesn't shoot good enough for you, I'd consider following firemanjg's advise and selling the 700 and buying a Tikka. All three I've owned have shot ridiculously good out of the box, even with factory ammo. My T3 lite was a sub-MOA gun and my T3x Varmint and CTR will both shoot tiny groups.

IMO, if you true up a factory Rem 700, at the end of the day you still have a Rem 700. A basic Rem 700 rebarreled with a quality barrel will shoot very well. If you were to compare the cost of a custom Rem 700 action, like a Sugeon, Stiller, or Big Horn, and compare it to truing up a Rem 700, it would be about the same cost.

Gary, the 308 Win rifle I shot in the THF Tactical match at Jason's that I let you shoot was a $360 Rem 700 ADL in 308 Win when I bought it. I took off the factory barrel, screwed on a custom Bartlein 308, and put it in an old Manners T4 stock I had on hand. It shoots about 1/2 moa, and good enough to win that match. It was my PBR Rifle- parts build rifle. It's certainly doable with a factory Rem 700 rifle.