IMO just a waste of time and money when there are so many fine 721 300 H&Hs out there.
The long throat is set up to be able to handle the old 220 gr RN bullet.
Using TSXs, A Maxs, SMK or even plain old Hornady FB Hornady softpoints, mine doesn't care, they all shoot into 1" or less at a 3.6 OAL
26" barrel does make a difference when shooting slow none erosive powders.
My 300 H&h can equal any 24" 300 WSM or 300 WinMag with 168 TSXs and 7828.
Owned over a dozen 721s and 700 Classics in 300 H&H, even a Ballard High Wall in 300 flanged. Also dozens of other 700/721/722 s.
Chronographs don't lie.
You may do whatever you wish, but it does not make economic sense.
Been down the conversion road several times. Top one in a 300 H&H Classic converted to 400 H&H (rebore, new wood, "Rigby" bottom metal, muzzle brake)
Works great and shoots 400gr Woodleighs as good as a $50,000 genuine H&H Mauser.
Also own a 700 in 244 H&H, Red pad #1 went from 30-06 to 300 H&H and a Browning 25-06 High Wall that is now a .411 40-82 set up for those same 400 gr Woodleighs.
Been there done that. Some are easy (the 400 H&H) some are expensive bittches.
The 244, 30-06 #1 and 40-82.
Your 721 would make a great 338 or 411 Hawk AS IS.
http://www.z-hat.com/Handloader193.htm