I'm in the process of doing exactly that. During the last couple of months, my gun cabinet has seen the departure of a good 1/2 MOA Savage 110 FP Tactical in .308Win as well as a TRG-42 338LM , leaving just my Weatherby Vanguard in 30-06 to work with.
I went for a heavy barrel contour for a hunting rifle but a relatively light contour for a target/LR rifle -- a Shilen #5 Light Varmint, 26", 1:9" in 7mm Rem Mag. With the 2.4 - pound walnut stock with an adjustable buttpad, the rifle sits at 11.2 lbs ready to shoot, 10.3 without bipod and hopefully that'll drop to around 9.5-9.9 once finished with a High Tech Specialties stock.
The 3-12x56 Zeiss only has around 7 mrad ( 24 MOA ) on the single- turn turret but I've got 5 mrad ( 17 MOA ) more on the mil-dot reticle should the need arise. I went for this scope because of weight ( 23 oz ) and optical quality. My S&B 5-25 is just too heavy for a rifle such as this and has to go.
Invested heavily on reloading just 7RM, too; Redding body die, Redding comp micrometer seater, Redding comp shellholders, Lee collet neck die, etc. With brass, VV N165, CCI250, VLDs and Accubonds I'm GTG.
It's still work in progress because I want to bed the Talley Lightweights to the action, before I screw the scope on for good. So far, I've only put it together once to take a couple of photos before I disassembled it for painting the barrel.