I see nothing wrong with taking a rifle that has been previously stripped of all collector value and turning it into a fine sporting rifle. Now is a great time to be doing that at reasonable costs, it isn't hard to find deals on used parts, scopes, bubba'd rifles, vintage scopes, sights and mounts. Also, it is a good idea to buy beat up stocks to practise checkering, inletting, mounting Niedner buttplates, etc.
All the best