Jim,
i agree 100% with your comments regarding the LK M70. I purchased mine specifically beacuse of the calibre (7x57). I wouldnt have normaly bought one.
What I did to mine was the following:
1. sanded out the barrel channnel as there was a point where the barrel touched.
2. refinished the wood with tru-oil/mineral turpentine 50/50. Sand with 0000 steel wool between coats.
3. fitted a new recoil pad.
4. bedded the action.
5. scrapped the iron sights.

As the gun is a hunting rifle I aint too worried about its aesthetics. It shoots well with factory 140 grain loads.

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