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What is the most accurate bolt-action caliber you'd recommend me for target shooting?

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I almost bought a 700 SPS but if you just want to 1-up your friend then I would say a Remington 700 XCR in .223 would compete exceptionally well at the ranges your speaking of.
 
Another good reloading book is "Modern Reloading" by some Lee guy (Richard I think, but I can't be sure). His name is also attached to many reloading components out there. He has a clue on how to reload.

Don't start with a gun.. start with a group size you want to obtain. I can go out and spend 20k on a full custom gun, but it won't mean jack but I have more money than sense. If you friend is shooting 1" groups at 100y, you need to get a gun that can do .5 inch groups and you need to shoot it. Until you get to where you can do .5 inch groups out of that gun.. any more gun would be a waste, so to speak.
 
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