shortening the barrel of a bolt action...?

It shoots holes in dimes with factory ammo

Not trying to be skeptical, but what factory ammo was being shot? I love the .223 Rem cartridge and have tried every single brand/grade/weight I could ever get my hands on. While some have performed better than others, I have never had one that was consistently hitting dimes at 100 yards or more. And this is in guns that shoot under .5 MOA with handloads.
 
I wouldn't recommend our procedure to anybody but I didn't have access to a lathe. We didn't do my 243 that way.....and his gun shoots steel case wolf really well. Better than anything else we have put in it
 
The re-crowning part is easy, its the cutting off part that has to be done correctly. It can be done without going to the lathe, but there is a high probability it will not be square. My grandfather used to have what he called an "electric hack-saw" in his machine shop. It had a big recriprocating blade, used cutting oil,and had an extremely precise way to align what you were cutting. I was as confident with it as I am with a lathe. Other than that machine, I have not seen anything else I trusted to cut a barrel. It was not the ideal machine to use, but it only took 7 to 10 min to cut a barrel; including alignment.
 
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