RobGonz,
That is a fine platform to start with but as far as reaming the factory barrel, yes it is certainly possible and practical but the level of accuracy and consistancy will be determined not by the rechambering but by the factory barrel quality and fit of the factory barrel to the receiver.
IF you came in my shop I would recommend a new match grade barrel, I would also recommend fitting it in the same manor as a Rem 700 to get rid of the barrel lock nut system and give the stock a quality bedding job if it was a wood stock. The Rem 700 barrel fitting style is just a much stronger design. Also allows a larger barrel shank to be used which increased the stiffness of the barrel.
Also increased the time it takes to heat a barrel up because of the increased barrel mass.
Yes it would cost more for a custom barrel but you would never give the added cost a second thought after you got the rifle back and started using it. I would also recommend truing the receiver while you were at it.
Better to spend a more to get more then you expected to then to pay less and have to settle with the performance of a factory barrel.
Not to say that a Savage barrel will not shoot. Most do, but on average, rebarreling with a custom barrel will get you far better returns on your money.
Good Shooting!!
Kirby Allen(50)