I have been thinking of some way to have multiple calibers by just switching barrels. Didn't know if the 116 would be a good choice.
I've yet to test it, but in theory, it should work well. I have a new 264WM barrel I'll be installing on one of my 111 LRHs, which currently is wearing a Shilen 300WM barrel with the NSS barrel nut. The 300 is nearing the end of it's life, but still shoots great, so I'm hoping to use the 264WM for plinking/practice. This will hopefully extend the life of the 300WM for a couple more seasons.
You'll want to invest in a barrel nut with wrench flats or teeth, the appropriate wrench, and some sort of action wrench or vice blocks. The factory nut is normally round, and getting them off is usually pretty tough, as they torque them at the factory to about 10,000 ftlbs, and perhaps use some sort of thread locker. I use a pipe wrench, and then toss the mangled thing in the trash.
Once you've gotten it apart though, you can retorque to ~50 ftlbs, and from there on out it's much easier.
The only other issue I see with "quick change", is you'll likely need to remove the scope, rings, and rail, in order to get the action into an action wrench or vice blocks.
Once you know what you're doing though, you can probably do a swap in 45 minutes, including the rail/scope.