Yes, that action would work, but I would make two suggestions....

1. If looking at older staggered-feed Savage's made prior to 2005-ish, find one that is already setup for a cartridge in the .308 family (308, 7mm-08, 243, etc.) or the .30-06 family if you want a long action (270, 30-06, 25-06, etc). The reason I say this is because staggered feed box magazines are getting very hard to find which could sideline your project in short order if you have to change it out.

or

2. Look for a newer 2005+ centerfeed rifle to base your build around, but avoid on in a short magnum (WSM's for instance) as these use a different firing pin assembly/front baffle/lug thickness that would need changed out when going to a standard .473 bolt head.