Welcome to hunting nut! Hope you enjoy your stay
Well I dont do competition shooting but I've read about it and it depends on what you want.
A cheap starter right might be A used M700 action, a match grade barrel and a blue print job of the reciver by a good gunsmith.
There are more extensive modifications of the M700 possible such as sleeving the whole action etc. As well as specific for competition actions being built by companies.
There was a older post on the debate over the Mauser Claw style rifles and the M700 Push feed style and I think its a nice post you might want to check out from another forum: www.thefiringline.com/...adid=13813
PS I guess I'm not the young'in anymore