I'd shoot it, before I even gave a thought to changing anything.
We had an old 110 in .223 come into the family about 10 years ago, a gawd-awful ugly beast with a badly-stained birch stock. It had an even more poorly done recoil pad (on a 223??) and touches of rust on its exterior, which didn't even correspond with the bright spots where it rode in a pickup rack. Oh, and it would occasionally fire when you slipped the safety off.
Once the trigger & safety were sorted out, I scrubbed the bore and shot a few groups with it using remnants of whatever .223 ammo was lying about. It shot them all well. I loaded up 50 rounds of ammo using Nosler BT's, taking moderate care to keep them consistent. It would keep three of them in a thumbnail-size group at 210 yards.
One of my brothers has it now, the bum, and after I did all that work on it
It spends about every third year here (there are three of us) and I always look forward to its arrival. I cleaned up the rust spots and cold blued it the last time it came through, but it still has that awful stock. I kind if like it that way. It shoots so well it's cosmetic flaws are almost comical.
Savage 110's are superb, utilitarian rifles. I've never met one that wouldn't shoot well with a wide variety of ammo.