I'm one of the guys competing in Fullbore using an Omark
Good choice, the action is likely to outlast you and your children !
What powder are you using ?
If your barrel is original, the twist is 1:14, so if anything lighter projectiles will go better at the long ranges. I use Lapua Scenar 155gr, and the HBC 155gr is almost exactly the same BC, slightly different shape. These are target pills, not really the best things for hunting... I'm hitting transsonic zone at around 900 - 1000 yds, going to try 2206H to see if that helps (tx to DAF for running Quickload simulations).
The NS Targetmaster scopes are good value for money. Several of the club rifles of the Petone Rifle Club have those.
Keep your eye out for a Nielsen or similar adapter. It replaces the locking lug part of the barrel, and allows you to screw in a Remington style barrel - lot cheaper and easier than getting someone to machine the inside of a new barrel. It is getting harder and harder to finnd Omark barrels in good condition.
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