Looking at the 450 Bushmaster cartridge specs, it should work using a .308 win action and barrel. BUT, how about a .450 Marlin? More potential when loaded up, and still can be loaded down for plinking loads.
Max. OAL on a 308 is 2.810. OAL on a 450 marlin is 2.550, so magazine length should be good to go. Rim on the Bushmaster is .473, and is .532 on the Marlin. The rim on a 416 Remington, for example, is also .532, so I am guessing the bolt face of your 308 bolt could be opened up, though I am not familiar enough with the Rem. 700 to say for shure.. Still, it might be an alternative to look at.
Larry