Your biggest concern is going to be the wind... far above and beyond any theoretical stability issues. Should be supersonic out past 600yds at least (assuming Berger 55gr @ 3200, just for a guesstimate). One guy I know has a stock Rem700 SPS with a slow twist barrel... he shoots some 500 & 600yd matches using it; last fall he was using 55gr Hornady bullets IIRC, and this year he's been trying Berger 64gr pills - supposed to have a marginally higher BC, but from what he told me, he's not seeing a lot of benefit. Not too surprising, as 'better' BC with those kind of bullets isn't much.
My advice - stop asking questions about whether it'll work or not, and go shoot it. It'll work well enough to get your feet wet. May end up a good long ways down in the match results, but if you're there to have fun and learn, who cares? If and when you really get the bug, then start figuring out what you need to be more competitive - and start saving for it. In the mean time, the best thing you can do to become more competitive is get out and shoot!
YMMV,
Monte