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I rang the Merkel dude again today, and for relatively little money I could have a shiny new 9.3x74R... I continue to be amazed at how cheap these things are.... I might just skip the "try a cheapy, just to see" phase and buy a not as cheap (but still cheap) proper double. I was just going to write off the cost of the Baikal anyway (hence my interest in keeping it low), but hell why not just jump in?

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Yes, buying a 9.3x74R Merkel is a far better idea than rechambering a Baikel 45-70 to 45-120 IMO.
Let us know when you pick up the Merkel, and please post some photos.