Welcome Ty-
You are about to have entirely too much fun. I just finished my first DIY rifle, on a Savage 111. You have a Rem 700, but no matter. The reason I chose Savage was the barrel nut lets me install and headspace the new barrel myself, no machine shop needed. There are several companies that will make you a pre-fit barrel with a "rem-nut" set up so you can do the same if so inclined. For your budget, you can get a PacNor prefit barrel ready to install, a replacement trigger (if you don't like the factory version), a laminated stock from Boyd's or someone like them, muzzle brake (you said you want a lighter rifle, for me a brake is mandatory in anything that can reach 1000yds), mounts and rings and still have a decent amount for a good scope. As a point of reference, my savage 111 with 26inch PacNor 6contour fluted barrel in 280AI, Boyd's Tacticool stock with Limbsaver, JP Brake (installed using a jam nut to time it, again no machine shop needed), EGW 20MOA rail, Burris Zee rings, and Vortex Viper HSLR FFP scope tips the scales at 12 pounds exactly, unloaded. Go down another contour if you must to save weight, or get a lighter (and more expensive) synthetic stock. My total outlay in components (after buying the donor rifle and before buying the scope) came to $1075. The tools needed: barrel nut wrench and barrel vise to do the swap/headspace- about 100 bucks from MidwayUSA, the go and no-go gauges for same- about 30 each, but I lost the receipt so I am not certain there, JB Weld for bedding epoxy, four colors from Krylon to camo the stock- about 30 bucks total at the local hardware store. I have another Savage, and am shooting often enough that the tools will be used to replace barrels at regular intervals. In the end, there is nothing as satisfying as smacking targets out past 1000 yards with a rifle you built yourself.
