The Remington 700 Mountain Rifle used a #2 profile barrel, a little noodle-thin thing intended to keep weight down to a minimum, which it does. You will seldom get very good groups with a barrel like that. You really need to ask yourself which is more important, weight or target accuracy. As you said, the first shot out of the barrel is the one that counts in a hunting rifle. For example, I have a 7X57 rifle that shoots 1-1/2" groups, nothing to write home about. But I don't shoot animals for groups, I shoot to hit a kill zone approximately 8" in diameter, so I'm good out to 400-500 yds if needed. Your rifle is the same thing, "paper accuracy" is of little importance when hunting. As others have said, cutting 1" off the barrel will make little or no difference in your rifle's accuracy, and may actually affect it negatively. If you want better "paper accuracy", you can get a heavier barrel. If you want a lightweight rifle to carry, keep it like it is.