Everything I've ever seen says the 303 Savage should have a .300" bore with .004" rifling. If yours is slugging out at .316" with good rifling, I'd be thinking somebody at some time rebored the rifle - or at least recut rifling on a shot out barrel. I can see being off by a couple thousands, but by 8/1000th is huge in the gun world.
I say rebarrel, rebore to 35-303, or make it a wall hanger.
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