Tinker,

Before you go and start making repro wood, rebluing and all that... there's a few things to notice about this action.

First, congratulations on finding this! It may be quite rare.

Notice the safety lever. It looks more like a Lee Metford MkI safety than the kind found on any SMLE. If it's a MLM MkI safety, then it is quite rare and may be more valuable than if you found an entire Lee Speed intact. They abolished and recalled those early safeties on the Gov't arms. I know some guys who are looking for those. Please post a picture of the left side of the action so we can be sure. Now look at the sear. It has the pre-SMLE single stage trigger configuration, and you don't see that on actions with an SMLE safety. Are there any markings on the rest of action? Any numbers? Proof marks? Is there anything stamped on the top-right-rear of the action---on the flat part where the bolt slides in?

I think it is unlikely that this action was a sporter. It is definitely a commercial gun, but was probably a target or volunteer model (privately purchased). Most (but not all) sporters had engraving, and sporters never had the volley sight lever, as yours does. All the evidence, therefore, leads me to conclude that this was a target or volunteer model that was made according to the MLM MkI pattern. This would have been among the very earliest commercial Lee Metfords made. The proper thing to do would be to restore it to that configuration, which is not cheap, but it's certainly possible. I know someone who has done it. If you want a sporter, you might shop around for a decent Lee Speed sporter or action. They are available, and are a lot more common than the one you've got. This one would not look right as a sporter with the safety and volley levers...sporter wood was not cut for it, and it just would not be proper.

The other parts you mentioned--bolt and bolt cover---are a bit harder to find than SMLE parts, but they are not that difficult to get.

For more info on Lee Speeds, I have posted quite a bit over on this thread: http://forums.gunboards.com/showthread.php?t=23226