Sounds like you will be doing your own work? If so it is not terribly difficult and very cost effective especially if you rent a reamer.
If you are having a gunsmith do the work, then the least expensive process is to ream the chamber to a larger size.
For any setback work (cutting off some of the shank) if the existing barrel shank is shortened then the shoulder must be moved forward and the thread continued to properly fit the same action. Picking up the existing thread and continuing is a PITA but can be done. Would be easier to remove the entire shank and start over but that would move the barrel rearwards in the stock most likely making a larger gap in barrel channel.
Easiest way is to pick a larger chamber reamer that will clean up the existing 7 Rem mag chamber. Other posters have mentioned some. Having a lathe and a bunch of reamers I have done this with a 243 going to 6mm-284, 7-08 to 284 Win, 25-06 to 257 Weatherby and 300 Win mag to 300 Rum to name a few. It is the simplest approach.
I took a Rem takeoff in 7 Rem mag cut off some of the shank, turned down shank and rethreaded for a Ruger and make it a 284 Win. Same sort of thing with a Rem takeoff to fit a push feed model 70. Both of these actions use a 1" diameter x 16 TPI so a Rem shank with its larger 1 1/16 dia x 16 TPI can be turned down and threaded.
Tikka T3 barrel is also a 1" x 16 tpi but its shank is longer than a Ruger or Model 70 push feed so some has to be removed and then rechamber.