Per my discussions with the fine folks at Hornady, to convert/rechamber a 300 Win to 200 PRC, really requires theat the 300 Win barrel be set back almost .250 before rechambering. Doing so cleans things up well, and removes any remanants of the belt area from the 200 Win Mag. I also questioned using an Ultra-Mag action because of the wider feed rails and was told "it doesn't hurt". My 300 PRC build is on a 700 Ultra-Mag action. Haven't got it back yet, so I can't say one way or another whether the action choice makes a difference.
Note: In all likelihood, I'll end up using M5 bottom metal with CIP length mags, in lieu of the Remington bottom metal, so feed lip width of the action really doesn't come into play.