For a reduction in recoil, I would look at a .300 WSM
or .300 Winchester Mag with a break. I think an Ultra mag with a break is still going to kick about like a .300 WSM without, or maybe in the 7mm to 30-06 recoil. Which might effect your back.
Perhaps a .270 WSM with a break if your really worried about the recoil.
I have a Remingon 700 CDL Stainless Fluted with an HS stock. Its a descent rifle.
I personally would like to do some work to mine. I'm thinking Sako extractor and Lilja barrel along with a Jewell trigger. Hate the Remington extractor.
You could definitely get a 700 SPS, a stock, a break, and do a barrel and "accurizing" for around $1500.
Or you could buy a Sako? While I think the Sako are a fine quality rifle, I think the Remington with some work done would out shoot it. I do really like the Finnlight. Feels great in my hands.