The Choate stock sucks anyway. If I were going to go Savage, I would get the 10FP McMillan. The 10FP HS Precision is OK, but the A5 McMillan stock is very nice.
For a scope in your price range, I'd go a FFP Falcon, although a used Mk 4 isn't too far out of your price range. For the rifle, a 700P/LTR would get my nod, even if they are in .308. I like my LTR just fine, although it won't be .308 when it gets a new barrel. I've also replaced the HS Precision stock with a McMillan A5.
Learn how to handload, as factory FGM/BH/CB ammo is gonna get awful expensive.
Also, one can shoot 300 rounds in an afternoon, but be sure to be kind to your barrel.