Sounds like the precision varminter series model 12, heavy heavy bbl and the target action. You can tell it is a target action because it will be printed on the side of the action and the actual trigger will be red colored. As with pretty much any savage it should shoot lights out. If it is a 1-7 twist then go for the heavier 223 bullets, berger and hornady got ya covered, and your good to go. I have only found one hvy bbl savage that wouldnt shoot and we sent it back to savage and they fixed the prob, a few weeks later it was throwin .75 to .50 groups. That is pretty common with hvy bbl savages but getting .25 groups takes not only the rifle but a shooter as well.
of course the only way your gonna know if you can shoot quarter inch groups is if your rifle can do it anyway
i cant say that this rifle will be a improvment over the one you have but if it is a true target action that new 6-8oz trigger is awfully nice to have
take it easy