This is a great site, and there are a lot of knowlegable people on here, but as mentioned in an earler post
www.savageshooter.com will have a tone of information about Savage rifles, and your rifle as well. (I am one of the moderators over there.) I have had fisrt hand experince with the 12 BR, but the model I had was in 6 mm BR. The rifle works and does a fine job, Savages intent for this rifle was for mid to long range shooting. (600 and 1000 yards.) The gun is easy to modify, and depending on what you would want to do with the gun, would determin what mods you would want or need to do.
It looks like you have a super nice rest and rear set up, if you was to do any competition shooting with it, you could only use that rear bag set up, on long range heavy gun, as other classes require a rear bag without mechanical adjustement. I would say if you dont already get some good cleaning supplys such as a good bore guide, a couple of good 1 piece rods, an action cleaning set, a good jag, some brushes, and patches, and finaly a good solvent.
If you want to squeze all the potential out of that gun you are going to have to start reloading. On reloading set up, there is a ton of diferent schools of thought, and it is up to you to see what works best for you. I would recamend getting the best brass you can get, such as lapua. A great press to start out with is a RCBS rock chucker. I highly recamend you make your set up mobible, so that you can take it to the range. I would recamend buying good dies, and I would recamend getting a seater with a micromeater adjustement. I believe that FL sizing is the best way to go, some will argue that neck sizing is the way to go, you will have to do the research and trial and error to see what works best for you. Get a good powder measurer, the best you can afford. The RCBS chargemasters are great if you have the money. I like Harrels culver style powder measures, they alow you to go to diferent charge rates and back by numbers, and they are super accurate, but they are pricy. On the low end the Lee perfect powder measure work well. The main thing is dont dictate to the gun/barrel what to shoot, let it tell you what it likes. when I say that I mean try diferent powder types, and weights, and bullet types, brands and weights to see what it likes best. each barre has its own personality, and no two are the same, so what works in one may or may not work in another.
When shooting, relax, be comfortable, and ALWAYS use wind flags! Wind flags dont have to be expensive, a few pieces of survayors tape on stick set out at 3 or 4 places between your target and the shooting line can work wonders. (say set at every 30 yards.) Read a few good books, they have a tone of information, on the cheap side try "Ultimate in Rifle Accuracy" by Glenn Newick you should be able to pick up a copy for a couple of bucks, and heck it has a TON of great information.
http://www.amazon.com/Ultimate-Rifle-Accuracy-Glenn-Newick/dp/0883171597
On the more expensive side get Mike Ratigans "Extreme Rifle Accuracy"
http://extremerifleaccuracy.com/ Execelent book.
And last but not least is Tony Boyers book "The Book of Rifle Accuracy" Tony is without a doubt the most competitive shooter in Benchrest history.
http://www.rifleaccuracybook.com/