I like the M1903 action for custom build purposes, but it's mostly a matter of aesthetics - they make gorgeous and very elegant sporting rifles.
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As for low number receivers being prone to failure, it's complicated but at this point in time, it's just not a risk.
Prior to 1929 it was a combination of:
1) higher failure rates prior to the change to a double heat treatment, instituted between serial number 750,00 and 800,000 at Springfield and by serial number 285,506 at Rock Island Arsenal after December 1917;
a) 4.13 failures per 100,000 for Springfield Armory receivers
b) 7.71 failures per 100,000 for Rock Island Armory receivers
2) softer cartridge cases used in 1917-1918 WWI production ammunition; and
3) the coned breech used in the 1903 to improve feeding (but which reduced support for the above mentioned soft headed cases.
The failure rate for the double heat treated receivers was slightly less than 1 per 100,000, for Springfield manufactured receivers, and 0.5 per 100,000 Rock island manufactured receivers. The above rates also include 4 failures caused by shooting 8mm Mauser in a 1903, an inadvisable process that causes chamber pressures well in excess of 75,000 psi proof pressure for the M1903 receivers.
In 1928 an ordinance board recommended the early serial number receivers be removed from service when they came in for maintenance, however the commanding general did not concur and they remained in service until WWII when they were replaced by M1 Garands.
Interestingly by 1929 the improperly hardened 1917-18 production ammo had either bene expended or removed form service, and there were no further receiver failures after 1929. Given the number of 1903 Springfields in service, with even the very low 1 and .5 per 100,000 failure rates with double heat treated receivers prior to 1929, at least some failures would have been expected after 1929, but none occurred, even with the low number receivers left in service.
That suggests that receiver embrittlement by itself was not sufficient to cause failures in the double heat treated receives - it also required softer cased ammunition.
It also suggests that any low number receivers that were going to fail, had already failed by 1929.
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Interarms used to import the Zastava made M98 Mauser as the Interarms Mark X and it was also available as a barreled action. It was very well made and very nicely polished and blued and was frequently used a s the basis of a custom sporting rifle as the bolt handle and safety were already scope compatible.
Remington used the same barreled action for their Remington 798, and Charles Daly used it for their Charles Daly Mauser.
It's still being imported by CAI as the Zastava M70 Mauser (not to be confused with their M70 AK clone). The metalwork is still superb, although the stocks are nothing to brag about - but for a sumo rifle the stock isn't going to be used anyway.
In many respects this is the best approach to take as you get modern metallurgy, with more reliable strength, and none of the issues that can occur with war time produced high carbon steel and inclusions, as well as an already sporterized bolt and safety.