I would see if I could find him a Colt Light Rifle. I have seen several that sell in the $500-600 range. Probably be about the best "cheap" lighter weight rifle you can find for the money. And as he gets the funds, he can have Melvin rebuild it to make it a more honest lightweight if that is what he is after.
My $0.02
Agree with this. Have a 30-06 sitting here and I'll take it over any of the new guns in the same price range. If it's something you have interest in, I could be talked out of it and might keep him on budget.