I'd use a Mk2 action if you can get one. Stronger design, better QC than most and probably better steels. And of course, trigger mounted on the receiver rather than the guard.
I originally wanted to for those very reasons and i have a beauty Savage mk1/3 in like new condition, but am reluctant to drill it.
I also want to stick with the original action if possible to keep it as 'authentic ' as I can.