In all of this, I am assuming this is a Savage 99 rifle.
You could rebarrel it, some .30 cal barrels are available pretty cheap.
Reloading is the easy solution if you can find brass. Just use data for 30-30 loads. The 303 Savage was about the same size and shape as a 30-30. The slightly larger case will give lower pressures. According to "Cartridges of the World", the most popular load for it was a 190 gr round nose. Moose hunters reportedly loved it.
Slug the bore to see if it is one of the Canadian market .310"-.311" barrels or the more common .308 barrels. If it is a .311" barrel, you can rebarrel it or, if you decide to recut the chamber, get a .310" expander for 30-30 dies so you can load .311" bullets in it.
If you do decide to just set back the barrel and change caliber, make sure the ammo will feed through it. 30-40 is too long for the 99 action. 30-30 will actually cycle through a 99 action set up for a .303 Savage without modifying the feed guides (done it, know it works).