Theres a local smith that turns Rem 700s into 4.5-5 lb rifles. Besides the pencil barrels and carbon fiber stocks he mills noncritical metal from the actions. M700 and Savage actions have the same inner and outer dimensions IIRC. Find a smith that lightens Remingtons and see if he will do the same with your Savage.

http://www.oregunsmithingllc.com/