My guess is that the 338 fed will never take off as a chambering offered in any in any factory gun. Where it will hold it's own is in the semi-custom market where people can take any 243, 260 rem, 7-08 or 308 and have a good smith rebarrel it to a really good rifle with a lot of power in a short small light package. The selection of 338 bullets is quite good, and the 338 Fed shoots surprisingly flat for such a powerful and fat bullet. No...it's never going competition for a 7 mag or a 270 at long range, but that not what it's for. It does have more then enough range however for about 97% of all the hunting most people will ever do. It is thought of as a specialty round, but in fact it makes a very good general purpose round too.
So in my opinion its going to fall into the "handloaders and semi-custom rifle box."
I have only made one so far, but it was a real peach
We started with a Yugo M48 Mauser and barreled it with an 18" 338 barrel. I worked over the action to feed the 338 Federal loads smoothly. That was not hard to do.
Then I made a full length "Mannlicher" style stock with a mid-schenbel and loop sling swivels. I used a steel checkered butt plate with a widows-peak and made a nice trap grip cap. I made a shotgun style trigger guard for it too, and that made it look like a classic's classic.
I set it up with a standing blade rear sight zeroed at 200 with a flip up blade to zero at 300. I used German Silver for the forend escutcheons, the nose cap, and heat blued the screws, the swivel bases and the forend key.
I then put on a scope base and a 1.5X to 5X scope .
When it was done it was REALLY good looking. I kick myself because I didn't take any pictures of it.
It looked very much like the classic Mausers made in the 1920s and it weighed only 7 pounds 5 Oz, with the braided leather sling, scope, and fully loaded. With the scope removed it comes in under 7 pounds.
We set it up for a load with 210 grain Nosler Partition bullets and the same load with Speer 200 grain bullet shot just as well, but was much less expensive to fire. The rifle would shoot 5 rounds to just about 1 MOA. so it was all most hunters would really need or ask for.
My friend (Bill) who I made it for says it become his favorite rifle for all his hunting here in Wyoming and also on his land in Texas. He told me the others stay home now during hunting season.
I liked it so much I have thought to make it again, but the next one I'll keep if I do.
Working with the 338 fed when we did the loading of the ammo, I learned a bit about it, and I have to say its a round that should be considered closely by many. I had a lot to offer in a light short rifle with good range and power, less recoil then the big magnums and the kills Bill has made with it show me it lacks nothing that most American hunters would want.
I may do another in the coming summer but not a full custom job like Bills rifle. I have a friend in Nevada that has a daughter who grew up hunting with a Remington M7 in 243. She is now 24 years old and now wants to get into elk, and we talked last month about rebarreling her M7 for a 338 Fed.
So if I do it will be the 2nd one I have done. I am expecting to do a few more in the coming years too.