Re: Savage model 110 Long Range build help.
7MM RM is about as good as it gets in a stock cartridge, but you'll need to reload to take advantage of the high ballistic bullets.
You don't need to do anything with the Savage action, it's good how it comes from the factory, not super slick/smooth, but that doesn't affect accuracy. If it has an Accu-Trigger, you should be fine. If it is an old 110 action, get a Rifle Basix or Timney drop in replacement ($100). As long as the barrel doesn't hit the stock, you are fine for now. A cheap upgrade may be a Bell/Carlson or HS Precision.
So lets start off with are you reloading or buying off the shelf ammo? That will have a lot to do with what we recommend for caliber.
If off the shelf, I say 300WM as there is very high quality match ammo available.
If you relaod, 7mm RM, 7mm-08, .284, .260, .243 are all good cartridges. With a long action you can take advantage of the short action cartridges and seat the bullets out much farther (.260). Just depends on recoil factor or cost of components.
If you are happy with the barrel on your existing 110 action, I'd say spend the $$ on getting into reloading, even a basic setup and put the money into a better barrel down the road once you come up with a good load. The $400-$500 you'll spend on a barrel will get you all set with press/scale/dies/powder dispenser/brass/primers/powder/bullets. Once you shoot out the barrel, go get a longer/heavier barrel with a proper twist for the weight of bullets you plan to shoot. Factory twists aren't always the best for long range precision, more general middle of the road to shoot a large selection of bullet weights.