Got to cut something like 1/2 inch or so off the knox (or more correctly recut the barrel threads forwards) and then rechamber the thing and reprofile the bolt nose recess. Part of this is due to the need completely clean up the .30-06 chamber and throat area as well as shortening the length of chamber - the cartridges are close in profile but while the .308 is slightly wider at the shoulder the neck length and shoulder angles aren't the same. Best to make sure that the work completely cleans up the old chamber and resets the headspace to what is correct for the new cartridge.
Once all that is done, it will be a bit cheaper than starting with a fresh blank and fully machining it - but probably roughly the same as fitting costs from starting with a semi-fitted new barrel I would guess. You're only likely to save on purchase costs from a brand new barrel?
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