Most likely, the magazine opening on the bottom of the action is only cut for a short action. So, without removing metal to open it up, you will have limited choices for bottom metal and will be limited to short action rounds as a repeater.
I have a similar rifle that started out as a 308 in a long action. I just run it single shot. It's been a bunch of things from 223 up to a 338 Edge. It's currently a 28 Nosler.
I prefer to work with long actions. The action screw spacing has never changed. All long action bolt heads and firing pins will interchange with each other. Stocks will interchange, especially since you have an older long action.
btw, we're fans of Savage and tend to be a bit sensitive when people call them Salvage. Hope that was just a typo. :)
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