I think you would be better to leave it as a hunting rifle. They were a well made rifle, and could certainly be made to shoot accurately, but i can immediately see some problems including lack of a suitable scope mounting system and lack of appropriate stocks. I also think there may be some idiosynchracies built into the rebarreling process - but i am not sure.
If i were looking for a cheaper rifle to build into an F-class rig, i'd be looking at rifles with aftermarket parts readily available - particularly Remingtons and Howas. However, i would list the Tikka actions as the very best place to start should you be able to find one.