Cut off the ears and fill the the big hole on the rear of the receiver, under the rear sight, heat treat, contour to rem. 700 dimensions, drill and tap for bases, square the face of the receiver, lap the lugs and bolt face, change bolt handle, extend the mag. well, install top quality barrel, install good trigger, bed the action, and you have a very good shooter. I have built several dozen for customers over the years and I like the 7STW for a caliber. With a good barrel and trigger (canjar set trigger if you can find one) you should have a sub 1 MOA gun.
I know it seems like a lot of work but the action is strong and you will have a real shooter when your done. This book will help
http://www.brownells.com/aspx/ns/st...RATED GUIDE TO PRECISION RIFLE BARREL FITTING , its one we use for the apprentices. The book shows you how to cut the square threads and how to make the tools to do the above work, Heat treating is important to do as most of the P-14's were hard as hell. cut the ears off and grind them close to the contour, Brownell's used to sell a fixture for the lathe that changed the action contour to Rem.700, so you could use the Rem. scope bases, other wise you use the Rem. model 30 bases which can be hard to find. when welding the hole use a piece of 4140 to fill the hole then weld it in, leave the weld high, do not try to fill the hole with welding rod, it will warp the action. Use plenty of heat stop cream, and build the action mandrel and use it in the action while you weld it acts as a heat sink as well, you still might get some warping but you can take it out after heat treatment. Once the action is heat treated and straightened if necessary, square the face and contour the action, then drill and tap for bases, the book explains how to build the fixtures to blue print the action. How to chamber, and do the crown, the crown is very important to get right. I like to cryo the gun after heat treating and again after all machining is done but you can do it after the gun is done, then I send them to be hard chromed with a satin finish. I like a thumbhole laminated stock with a reinforced front sling mount for bi pod.
barrel $ 350
trigger $120 (Canjar)
stock $150 unfinished
stock for fixtures $30
action counter fixture $50
heat treat $40
cryo$60
hard chrome $130
5 shots 100 yds. same hole Priceless
yes it a lot of work but well worth it.
Good luck you have the makings of a very good long range rifle.