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So 500NE would be a good choice. Would the CZ550 magnum be a good action to use?

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That combination wont work ... rimmed case in a bolt action.

You have two options. Cheapest would be to find a used No1 and re-barrel/rechamber to 500NE and specify to the 'smith that you don't want the bells, whistles and fruit. Just a working rifle that functions and works. You may come out with change from about $2500.

A CZ could be rechambered to a number of 50cal cartridges. 500ASquare is probably the easiest using a CZ in 416Rigby as your donor ... you may get change from $2500.

There are no cheap routes to a 50cal unfortunately! Mate built a 'cheap 50cal' ... cost him $750 donor Ruger MkII action, $350 PacNor chambered/profiled barrel (now unavailable in Australia ) ... was going good so far ... then cost another $1600 and 8 months to finish it.

When all is said and done, a $4000 CZ550 in 500Jeffery is a BARGAIN!
Cheers...
Con

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