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My thought would be go with the M70 for a .375 and with the Granite Mountain for a .404. I think trying to make a .404 work in a Model 70 is too much of a stretch. The difference in diameter of the cases at the base (.544" vs. .513") would limit magazine capacity and might cause feeding problems.
The barrel shank diameter of a Model 70 is also a consideration. You don't want to get the chamber walls too thin. The Model 70 shank diameter is .100" less than that of a 98 Mauser (and .125" less than a P14 or 1917 Enfield.)
The case length is about the same and the .404 OAL is actually shorter. Nonetheless...
: I re-barreled and chambered a post 64 .264WinMag to .458 Alaskan, which has a .535" head diameter and .520" shoulder. The shank diameter on the post 64 is a full inch, just like a Mauser. The magazine on mine held 4 just fine, although the feeding needed work albeit less than a standard .98 would need. A Mark 10 would be about the same for magazine work. : The .458 Alaskan is a .450 Alaskan with the rim turned to .532" and a new extractor groove cut. It had about 4 to 5 gr. greater capacity than the .458 Win Mag. I don't see why the .404 wouldn't work as well. It would probably require less work than a standard Mauser to complete.
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