I've not owned an Ultralight, but currently have a Vanguard Wilderness chambered in the 240 Weatherby. It's an amazing little killer and one of the most accurate guns I own. In fact, it's pretty much all I hunt with anymore. It seems to kill just as fast as my 257 Wby, but with less recoil. I exclusively run 95 gr NBT's at 3450 & RL-26. Use it for everything from Jack rabbits to Axis deer.
As an aside, I had a 6-06 for awhile and it too was great round. Didn't really offer much over the 240 though the for ranges I hunt at(400 and under). I definitely wouldn't take a perfectly good 240 and turn it into a 6-06.
Also, 240 Brass isn't hard to find and can be had for a reasonable price... if you're patient and willing to spend a little time on the net. I've found some good deals, even in today's environment.
