I just put together my own "sniper" rifle recently. If economy is really your number one priority, you may want to go the same route I did. I watched and waited for a sale on the Savage 10FP Tactical in .308. The local sporting goods store finally put theirs on sale for $389. (The suggested Retail on Savage's website is $462) I immediately went down to put it in layaway. I know there are going to be some replies because I mentioned Savage, but the way I see it is that I am an excellent shot with a rifle but not a competition shooter. This rifle will outshoot me, at least until I can afford to get a customized .50 cal.
I then purchased a Harris swivel bipod ($90), a BSA 4-16x40 target scope ($119), Weaver mounts and rings (about $35), and a hard case that seals against the elements ($59). I also purchased a box of Federal Gold Match ammo with the Sierra 168gr BTHP. I purchased all of the reloading supplies to reload with the Sierra bullet. I already bought the die in anticipation of this day.
All told, I spent about $900. Mind you, I would have spent less is I didn't include the reloading supplies in my grand total. Since the Remington 700 is about $300 to $400 more, I would guess that you could put together that rifle for under $1200.
One word on the scope, I love it. My decision to buy this scope was based primarily on the economy. I couldn't justify spending more on the optics than on the rifle. I have never owned a Leupold or Springfield scope, so I can't comment on those. I just know that I can see the target clearly at 300 yards, and that is where I wanted to set the zero at for now.
If anyone would like, I can post my results from the first day of shooting after I go.
So, to sum up, if you really are a college student like me and are more concerned about the economy, this post may help you out. Otherwise, my opinion is that if you are going to spend the money, go all the way and never buy another "sniper" rifle.