Savage themselves released a 338lm in a 111.
http://savagearms.com/firearms/models/ Look at the 11/111 long range hunter. The 110 and 111 use the same action. There is the possability that they are playing it safe.
Shilen offers that chambering, and prefit savage barrels. I dont know if he'll do it or not, but there is NO indication on his website that he wont.
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