I don`t think the mag spacer in the 700 would be much different than that in my Savage. I pulled mine to shoot longer bullets, easy to do, and no cost. Follower still works fine.
Make sure to check your SAAMI barrel for throat length tho, as you may want to do something for nothing. I made up a dummy with 80 grn HP bullets to check my lead length, found seating depth would work and went and pulled the spacer.