The action itself is about 1/2" shorter than a model 700 short action. Also, the only parts interchangeable with a M700 are barrels and recoil lugs. Other than that, you have to use Model 7 specific parts. Which can be a little harder to come by.
Other than that, if you have a complete Model 7 action and bottom metal, I say go for it, if you're looking to build it up. I used to have a custom .308 Win built on a M7. It was a 1-hole gun.
I had one in black/gray web on my custom. It had a 20" barrel (from lug to crown) and it shot like a house a-fire. It was also light enough for me to tote around the woods and take several deer with, before it got stolen. I miss that rifle everyday.