1. Purchase a Savage Precision Target Action or sporter action from a Savage dealer. Actions available are here:
http://www.savagearms.com/TA_223_Bolt.htm
2. Get a ready to go barrel, with a custom or standard chamber (you supply the reamer for the custom chamber in most cases) from Shilen Barrels, Pac-Nor Barrels, or Sharp Shooter Supply. Buy the best grade barrel: Select Match Shilen, Super Match Pac-Nor, Brux cut rifled barrel at Sharpshooter Supply. Or have your smith thread up up a Lija, Krieger, or other high end barrel.
3. Stocks are available from Sharp Shooter Supply or Richard's Micro Fit and many others. Action screws are available from Sharp Shooter Supply as are pillar bedded semi-finished stocks.
4. Purchase a set of headspace gauges (I buy them from Pacific Tool and Gauge).
5. Purchase a barrel nut wrench. You can make a barrel vise with two blocks of wood and a bench vise, or purchase one. You gotta hold the barrel in a vise to free up both hands for step 7.
6. Check the Target action's recoil lug locating pin, as most come too long to allow the lug to seat against the action. If you see a thin line of light between the lug and action, file the locating pin down until it clears the bottom of the slot.
7. Smear a bit of Tru-Kote Barrel Thread Protector (Sinclair International) on all threads, wipe off excess. Screw the barrel nut on, place the recoil lug on, be sure to guide the locator pin into its slot, screw the barrel down almost to the end of the threads, close the action with the Go headspace gauge in the chamber, screw the barrel down until it stops on the gauge (don't crank it more than hand snug). Using a 1/2" torque wrench snapped in the square hole of the barrel nut wrench, torque the barrel nut to 30 - 40 ft lbs. Recheck headspace with the Go and No Go gauges.
8. Install the scope bases, rings and scope. You will have to shorten the front screw of the front Weaver base so it doesn't bottom out on the barrel threads before tightening (you may want to do this before installing the barrel to be sure the screw is clearing the barrel threads). I use a Brownells tool for holding scope ring/base screws and a file. Alternatively, you could shim both bases.
9. Stuff it in the stock (glass bed it if you must), being sure the front action screw doesn't interfere with the lower locking lug, file it shorter if it does. Go shooting.
You don't really need a better trigger than the factory Target Trigger for most work. Don't be surprised if your cobbled together rifle shoots somewhere between .50" and .25" groups.