If aiming, pun intended, for a working, non fancy rifle, can pitting be filled in.

I'm not worried about the front action ring cut out.

I'd leave it as a .30-06. See the other thread "tactical" stock discussion. A tactical rifle would be better as a .308 for scavenged ammo when the apocalypse comes. But a .308 won't feed from the magazines for that stock.
http://forums.nitroexpress.com/showflat.php?Cat=0&Number=312316&page=0&fpart=1&vc=1