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I've got an L46 action I bought for the same reason. It should be a great action for the 300-221. Unfortunately finding a stock is a problem. I got a Richards Microfit stock unfinished and there is a lot of finishing yet to do as well as inletting and taking about 3 pounds off it. I can't say the thing wasn't a well done stock but there was a lot less done than I thought would be the case. On the other hand, the barrel work should be pretty simple. Its an oddball thread in the receiver but not hard to cut. Its a quality action with a good reputation so get to work>
Frank
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