I would only be concerned with the rifle as a shooter if any of the following are marked DP: bolt, receiver, barrel.
The "original" stocked rifle appears to be an Indian/Pakistani drill purpose rifle with the barrel drilled and welded at the chamber, and you intend to drop in a complete replacement action and barrel, so you should be O.K. Personally, I'd remove the paint. I like your idea of leaving the documented restoration in the stock.
Good luck on your project.Information
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