Is it factory original and is the local guy the original owner? Because the .300 Winchester Magnum was introduced in 1963, shortly before the pre-64 action went out of production, there weren't very many pre-64 Model 70's produced in .300 Winchester Magnum. Are you sure it is actually a pre-64 model?
I don't know what actual book value is on such a rifle. I imagine the value would be heavily influenced by condition also. A quick look on Gunbroker shows examples priced at $2500 for just the rifle and around $4500 for one in 98% condition, with original box and papers. I have no idea if anyone is actually paying those prices, however.
One other thing to think about is what your intentions are for the rifle. Are you after it as a collector's piece or do you intend to shoot it and hunt with it?
First, thank you for your reply. My research on it was the same as yours. The price of $2500 on gunbroker seemed little impractical. I probably will not hunt with it - unless I get a different stock.
Thank you again..