Your thinking on twist rates is backwards. The heavier bullet (or mono) needs a faster twist rate to stabilize. The 1:8" is faster than the 1:8.5". If you are wanting to shoot the 127 LRX, absolutely stick with the 1:8", not the 1:8.5". Meaning the bullet makes a full 360° revolution in the barrel every 8" instead of 8.5". Much better choice. Allows you to shoot a 140-143 also for target shooting. You might even consider a 1:7.5", since the shorter length is going to leave a lot of velocity on the table. Slower velocities also require faster twists to shoot the heavier bullets or monos and stabilize them well.
As for barrel length, unless your can is a 9", I would be looking at a 20" minimum with the 6.5CM. 22" would be even better. You are probably looking at 2800fps max from an 18" barrel with the 127 LRX. My daughter shoots a 22" 6.5SLR, and gets 2925fps suppressed with a 130 Berger OTM. Absolutely slays game. Mule deer bucks from 454, 532, 637, and pronghorn from 260 & 391. She shoots the 127LRX up to 2955fps or the 124 Hammer Hunter at 3001fps. With the lower BCs, 300 yards is a cakewalk, even out to 500. Make sure you get a heavy enough contour to limit barrel sag with the can.
Action, go with the Defiance. Way, WAY lighter than an R700, and the money you would spend on an R700 to bring it up even close would probably be comparable in costs to the Defiance. True and square action, recut threads, side bolt release, M16 extractor, fluted bolt, bolt knob, alloy bolt shroud, firing pin bushing....it adds up very fast to get similar features, plus, you still have an R700 action. Unless you already have the action off a free donor, the Defiance makes way more sense.
Hawkins makes amazing DBM bottom metal.
This is my daughter's 22"+7" can 6.5SLR for length reference against a 20"+9" can 6.5SS.
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