Load 165gr bullets with 60% of a max load of H4895 or IMR 4895.
Yep!! Smart move.
If he or you reload it would be better and cheaper to download the 300 Wby ammo to 30/06 velocity. It would reduce the recoil and not devalue the rifle.
If that is not an acceptable option I think it would be better to sell his rifle and buy a different one. Weatherby's are a popular rifle and you should have no problem finding a buyer.