It's not the bolt as much as it's the barrel and breach plug. Do a google search for Doug's message boards. You learn all you need to know about shooting smokless with the 700ml. Basically you need a new barrel, breech plug, and a bolt nose adapter to shoot a 700ml smokeless.
Those mods will also make it shine with BH209. One of the biggest drawbacks to the Rem 700ML is the blowback. I have been thinking about doing a bolt nose job on mine for a while now, just to shoot BH209. I had it rebarreled once about 10 years ago and it shoots great but if it shot BH209, it would be my go to ML.