Precision Eddystone

Folks have been building off the M1917 action for a long time--very strong action. Replacement USGI profile barrels are available. I have had good luck cleaning up fouled, nasty original M1917 barrels that even show signs of pitting and still shoot in the acceptable range for a service rifle. I guess it depends on what your description of "tuned up" implies?
 
Yup new barrels are available from the CMP:

Civilian Marksmanship Program eStore

CAREFULL:

The barrels on the M1917 Eddystone's are extremely tight. Care must be used in removing the barrel to keep from cracking the receiver. If you're doing it yourself, I recommend cutting a grove in the old barrels right where it mates up with the action. Cut it deep enough that it nearly reaches the shank. Then remove the barrel.

If you are going to have it done, I highly recommend sending it to the CMP Custom Shop, they will install and head space the barrel and tune it up.

CMP Custom Shop

Another option, if you go to and enter CMP Games where they have an armor, (Camp Perry, Eastern/Western Games, OK City games) and show them that you are entered in the games, you can buy a barrel and they will install it for you.

M1917s are known to be super accurate military rifles. If put together right you'll have a shooter. If I was going to have my M1917 Eddystone, I would go the CMP Custom Shop route, you wont find better, nor will you find better customer service. And I really doubt you will find better prices anywhere.
 
As Kraig mentioned, you can put a very accurate CMP barrel on there and have a rifle with very acceptable accuracy.

Or, you could go the custom barrel route and have it totally tuned up. And yes, with the right cartridge and load, you can get 1/4 MOA out of these. The action itself is very smooth and there is a lot of "meat" in the action. It will hold very stiff when shooting. Shooting a cartridge that does not produce as much recoil as the 30-06 will probably even better your chances for super tight groups.

That said, it still depends on the shooter too. And, know that if you go just getting a CMP barrel on the rifle, or don't do all the things necessary to make your rifle with a custom barrel a better shooter, it's not going to produce super groups. You need to spend the money to have your gunsmith take the time to do all the things that can make these exceptional shooters. You'll spend a lot of money getting that last 1/2 MOA of accuracy. But, you would do that with any custom rifle you want to be super accurate. The difference with these and a Rem 700 (or clone) is that most gunsmiths are set up for 700's. And, a 700 has less issues when truing up an action and mating a barrel to it.
 
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I can say go with the CMP criterion barrel without a doubt. I'm absolutely impressed by how it shoots. My Eddystone was is the most accurate rifle I own by far! I've got a timney trigger at about 1 1/2 lb , the CMP barrel and a muzzle brake. The rail is a 40 moa blank fitted to the milled receiver top. I'm running a SS 12X mil/mil scope and regularly shoot 190 sierras at 1100 to 1500 yards with it. Yep it's a chore to keep up with the wind but it shoots.

The stock is a reinletted Remington varmit stock from a Remington 621. It was in my buddy's attic and free!

The only thing special is the bedding is completely solid pillar,bottom metal,and receiver. The mag. box still floats though. The trick thing is, the bedding goes forward to the chamber reinforcement where the steep taper meets the long slender taper of the barrel profile. The rifle doesn't verticle string with heat and the barrel is deadened ( it doesn't vibrate like a tuning fork if you tap it with a mallet)

So long story short yes it can be built to be accurate with out being extravagantly expensive!