Like you, and Bob, I much prefer the old M70s to a Montana.
I had this 280 Rem put together a few months ago on a transition pre-64 action. I didn't go all-out to make super-light but it is my backpacking rifle. I used a Brown Precision kevlar Pound'r with blind mag as you can see to make it tougher and lighter. The barrel is 23" and measures .575" at the muzzle, that is enough barrel to make it a bit muzzle heavy like I prefer for hitting from field positions.
I used steel DDs, a 14 oz scope, etc. It weighs in at 7 pounds 5 oz as shown.
With a Leupold 6X36 in those same rings it weighs 4/10 oz over 7 pounds.
For what it's worth, I did one VERY similar about 15 years ago on a short Classic M70. You do not save much weight going short action, and give up a lot of cartridge options.