I'm not opposed to long actions.... when there's a reason.
However the "ultimate light weight hunting rifle" will most assuredly be a short action. It's that whole "ultimate" thing.
Flame suit on!
Phooey. Internet hyperbole.
Bob, you and I put together our ultimate actual using hunting rifles. Jeff argues a theoretical concept.
Not so! I've put together a 7-08 M700 MR that while perhaps not the "ultimate", is on the face of it, more properly in the conversation than a LA M70 buildup. To wit, an ultralight glass stock, blind mag, aluminum TG, Gre-Tan shroud, Talleys, Leupold. It's very light, AND it possesses great potency.
Then I have a 7 WSM Montana. Can't really say I put that one together, though it is a re-barrel, but it's one heck of a light rifle, again if the idea is matching weight against capability.
You guys are starting from the premise that the ultimate rifle is a LA M70, then building light from there, then calling that the ultimate lightweight hunting rifle. If viewed more correctly for the purposes of this discussion then maximum utility per pound is the metric.
By the way I think those M70's are great looking and well thought out packages. I just think you are trying to shoehorn them into the category. Take the word "ultimate" out of the title and replace it with "excellent" or "classiest" and you might just have it.