Did just that thing, thought about it for over a year, did computer ballistic crunching, researched brass, powder, bullets, actions, barrel steels, barrel contours, barrel manufacturers, action maintainability, recoil, energy, effective range, potential accuracy, muzzle brakes, fired a variety of rounds, read about a gazillion more via Tactical Shooter and Precision Shooting, called LOTS of gun folks, designed on bar napkins, even built a prototype.
Then I built my own. It was designated an Interdiction Rifle, and it's chambered in 6.5-06. Stays supersonic past 1000 yards. It's gotten inside of a 10" group at 1000 yards from the prone bipod, produces reliable 1/4" groups at 100 yards, and doesn't beat the tar out of me when shooting long range, like some of the magnums do.
It's entering the "Any Rifle - Any Sight" match next Sunday, 80 rounds standing, sitting, prone, rapid and slow fire, heeehee, they said "any safe gun" qualifies. Another one of the competitors showed up today as I was practicing, asked me what I was doing, and just shook his head.
Then I bought my Remington 700PSS in .308 a year later. Kinda made my Interdiction Rifle seem obsolete at that point. I'd never spend that kind of money again on a custom wildcat of that design and purpose! But now they both live happily together, and the 700PSS will be my fallback gun next week.
http://www.geocities.com/Yosemite/Falls/7268/interdiction.html