A fellow I know shot some local F-class matches with a .25-06 rifle. Burned out the throat, pulled the barrel, shortened and re-chambered it to .257 (I think he went the AI route) and is happily shooting it still. Doing rather well too. He prefers the .257 Roberts over the .25-06 for this purpose.
As an aside, this year I started using 115 gr Berger VLD's from my .25-06 hunting rifle. They are quite accurate even from a factory built sporter rifle. I think from a well built match rifle, they could be superb.
As far as your question goes - sure! Why not? Load up some Bergers in that bad boy and go shoot some F-class!