There are a slew of long range shooting gamesbeing played these days, you didn't mention which one. Each has its own special requirements. National Matches were shot for years with the M1 Garand. Today Long Range Tactical is shot with the .260/.260A.I. or 6.5x47 Lapua at the top of the heap. The rifle you have will provide a decent action, provided you bother to have it 'trued' before rebarreling. Why anyone would re-barrel with a used or take-off Rem. factory barrel is beyond me. With the cost of labor even a barrel from one of the custom makers is the way to go. Use a heavier contour barrel than sporter weight. Using a heavier contour will require some stock work, in other words before putting money into the wood Rem. stock look for a used synthetic of your choice for the amount you want to pay. The best thing you could do, at a reasonable cost, right now, would be to replace the Rem. trigger with an after market one. The Shilen Std. model seems to be the best, at this time, for the price ($100). Optics are not to be over looked. By the best you can afford. Three basic things you could do first are glass bed the action to the stock, replace the trigger, free float the barrel.