Nothing wrong w/ the model 7 action except the magazine is short at 2.8". I think I heard someone installing a 2.825" magazine in it but have never heard of a Wyatts extended box fitting at 2.95"
The Mod 7 is one of my favorite short actions to build on. Mag length is the same as the short action mod 700, bolt length is about 1/2 " shorter and so is the action.
Stocks are not as easy to find as the short action mod 700 but they are there.
Triggers with safeties are the same as the 40 X and the XP 100.
I have built 7/08s, 308s, 7mm SAUMs, 7 WSMs, 300 SAUMs, 300 WSMs, 325 WSMs and 338 RCMs
on the model 7 actions and they work great. They are perfect for compact carry rifles.