Welcome USMC30. As I am not one of the most experienced members on this site, I will try to start things off in the right direction for you, but I am sure you will get some great advice from some of the senior members shortly. Since you already have the rifle and caliber purchased, all I will say here is that your friend didn't lead you astray. I have owned 2 Savage rifles up to this point as well as Remingtons, Winchesters, Rugers, Sakos, Brownings etc. and in my experience the 2 Savages have been one, two, for the most accurate out of the box rifles I have ever owned. They haven't been the best quality, but for long range work, in my opinion, accuracy is more important than all other aspects. The 308 seems to be the go to caliber for the beginner. Cheap to shoot, accurate, lots of ammo info and choices. It will get you out to 1000 yards but by the time it gets there it will be all out of gas. What I mean is that the 308 is fine for paper but as far as hunting goes, know the calibers limitations. Being that you didn't mention hunting, I would say, good to go.
A lot of long range equipment is personal preference, quality wise one brand may be just as good as another but it is up to what you prefer, that makes it right for you. So for me the scope that you have, although in the upper end of quality, is what I would call over gunned. I come from a Rocky Mountain hunting back ground and for that a 3-9x42 was the standard, so just take this with a grain of salt. If I had come from a target shooting back ground I would be more familiar with the extra magnification, but I never seem to zoom more than 10 to 12 power on my scopes, this is just where I am the most comfortable. I must say though that I did love every one of my Leupold scopes that I have ever owned.
As far as what round to use, I have to say, tuned hand loads!!!!!!!!!!! I am probably the biggest advocates of reloading out here. If you don't hand load you will just have to try several different loads in your rifle to see what it likes. I would suggest match grade ammo if you want to be serious, and if that is the route you go it will be expensive. If you do reload then try the Sierra 175 gn Matchkings, or Hornady 168 gn A-Max, I have had good luck with both of these bullets.
Post some pictures for us of your rig. Once again welcome, and enjoy your new set up.