Does this sound reasonable

Mike, the project you've outlined sounds to me like an ideal application for the Savage action you're talking about. The whole concept as you laid it out sounds like you've got realistic expectations, and I doubt you'd be disappointed with the results.

Sure, there are lots of used BR rifles built around custom actions on the market, and a case could be made that they're a good buy. But if what you're wanting is to put together the best rig you can yourself - without a lathe - go ahead with the Savage project. My only advice would be to look for a stock that suits your needs AND is available. It's no fun having the metal sitting there, ready to shoot, and then have to wait for X-number of months or even years waiting on a stock in bed it all in.
 
I have built two and had a great time. Take your time and get the correct gauges from PTG.
My first was a 7WSM and I am working on a 6.5 x 284 right now.
 
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