The only reason I got this rifle was because it was too cheap to refuse.
Well you got one of the strongest actions around. If it was cheap but worth it for the action you are ahead.
Now my opinion/suggestion
It's a Mark V do a "big" magnum.
The Mark V action is perfect for RUM or XX-Nosler, any of them. No other work required just change the barrel.
Which RUM? (licks finger and sticks it into the wind) 300 of course.
Oh wait, I really like 338s. Hmmm...
Which Nosler depends on your preferences. 26,27,28,30 or 33. If you are going to hunt bigger stuff, Elk, Moose, Brown bear IIWM I'd lean toward the 33 or of course my preference a 338/28-Nosler. For general purposes the 30 will meet or exceed the 300Wby again my preference is a 308/28-Nosler. If you are not going for Moose or Brown Bear. The 28 will do everything you could desire with authority as far as you can spot the game. If you want to go fast for Speed Goats the 27 or 277/26-Nosler can launch the typical 130s at 3400fps+ as there is less restriction than the 26 so less pressure at higher speeds. I'm pretty sure I got Matrix 165s up to 3100+ but it was not a Mark V action and that was pushing it. An 8twist 277 barrek and Berger 170s? Hm.
While the 338/28-Nosler doesn't have the legs of the 338 Edge or 338 Lapua, with bullets 250grains and below it is very respectable. My favorite bullets for the 338/28-Nosler are Barnes 210 TTSX and 185 TTSX. Every elk I hit (2) with the 185 leaving the muzzle at nearly 3300fps was DRT, even if it wasn't a perfect shot. The shock to the system put them down.