This June I did exactly what you're contemplating on my brand new M70 Supergrade and am thrilled with the results. Even with the standard 1-10" twist in the M70 280 barrel, my fancy 280 AI it shoots 162 ELD-X over 60 grains of Reloder 23 into tidy little sub-.5 MOA groups...SUPER fun!
You might know there are two approaches to "Ackley-izing" a .280: the old way that PO Ackley prescribed, and the new way approved by SAAMI..there's a slight but meaningful difference (.014") in headspace. It makes most sense to go the SAAMI route. Alas, I had not idea about the two approaches so asked a rather famous but old school gunsmith to do the work, and he did it as he'd done for the previous 50 years. The problem is I cant use factory Nosler ammo and must reload. I started that in June, too! So, it's cost me some additional cash, but I'm learning a great deal and having a blast with the new hobby and gun.
Bottom line: do it...it's fun, it'll keep your brain churning on rifle silliness, and you'll find yourself at the range more often. is it necessary? Nope...but it's fun.