I have an older model 700 Police ( bull barrel ) in 308. It shoots really well but is too heavy for still-hunting. If I have the barrel turned down to a lesser contour--like the LVSF for example--will this affect the accuracy? Will the machining create some stress in the steel or have some other effect?

I have a TI SAUM stock on the way for it and was hoping to avoid a total re-barrel since this one is a proven shooter.

Unless your gun was made in the custom shop, the barrel was hammer forged. This method of manufacture leaves a lot of radial stresses in the metal. Turning down the barrel will relieve those stresses and the bore will probably enlarge, especially near the muzzle. Accuracy will definitely go downhill. You might consider rebarreling and selling the old barrel to defray the costs. If you have it turned and and it goes to pot, you are out the smith's charges, you have an unsellable hunk of steel, and you will have to rebarrel anyway.

RWO

If the barrel is long have it shortened it should retain its accurcy and be a handier rifle and it will lose a lot of weight. and could even make it more accurate. but if you want a long barrel then replace the barrel . or the entire rifle (your best bet)..

Put it up for sale and buy a Model 7. Lot of people want the bull bbl you may be able to trade for what you want.

Shortened, or perhaps fluting, however I would bounce that off of Mickey. I don't know how much weight you are looking to shed. Hammer forged barrels do poses allot of radial stress by the nature of the manufacturing process. Any of these will, of course, change the handling characteristics properties of the rifle.

Since the barrel is hammer forged I would venture a guess that fluting or contouring would, as posted earlier, really play havoc with the accuracy. You could shorten it to 20-21 inches without harming accuracy and possibly improve the accuracy. It could be cut and crowned without pulling the barrel but would need to have the action stripped....probably a $50 job plus return shipping.

Find someone that isn't "scared" to do it and has done it successfully and you shouldn't have a problem turning down a barrel. Here is one that went from a standard contour winchester to their featherweight contour. I'll report on the success or lack there of (the smith who did it has done hundreds with great success) as soon as that Rick Bin character gets me a stock.

Chuck, I'll bet she shoots fine.