What is the purpose of the rifle? Unless it is going to be serious competitive Centerfire Benchrest I think you would be better off making a 6mm BR with a no neck turn Lapua brass chamber... and if it is going to be serious competitive Centerfire Benchrest shooting a custom action would be much better.
The problem in using a 700 action for the PPC case is the integrity of the "3 rings of steel" is compromised. The original extractor system can not be used. It must be altered and in the event of a bad case failure, for what ever reason, can lead to serious injury. I know there are thousands of converted 700 extractor systems out there but there are also many injuries.
Get all the info before you make an uninformed decision. Just my thoughts.
How's things in Trinidad? Are you at the gunsmithing school?