If your shooting .5" groups with the stock barrel, you are A: incredibly, disgustingly LUCKY! As that is good grouping for ANY rifle, including custom builds! And B: You will be sorely disappointed as ER Shaw barrels are the cheapest, least accurate barrels made. Don't get me wrong, they work just fine. And are typically still better than stock. But once again, your rifle, already shooting half inch groups, is up there with many, many custom built rifles. Now, if you had posted and said "my older Savage 30-06 shoots decent, but i would like it to be a little better. AND I ONLY WANT TO SPEND THIS MUCH! Would it be possible to shoot 1" groups WITH MY RELOADS?" I would have said yes, that *COULD* be possible.
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