If you know how to use the hornady tool for measuring depth to the barrel lands, you can compare throat wear between rifles in the store....believe it or not. This is the one thing that you can't easily fix yourself, so choosing your purchase by throat wear is wise...
If you recrown (especially one that is counterbored -- cut off the counterbored area with a hacksaw) using the LARGE Lee case trimmer and, say, a 7mm spindle, you can get your groups to shrink by half.
Lee makes a Lee Loader for 7.62x54R. ($26) Norma brass fits primers better; S&B brass has a too-shallow primer cup. 150 grain "303" caliber bullets are available from Sierra and Hornady. ($26/100)
Not hard to get down to 2" groups at 100 yards. There is a dovetail under that rear sight. Sometimes all you have to do is knock out the pins (from left to right I think) and the rear sight comes right off. Glue on the rings with JBWeld, get a 2-7 x 32 NCStar pistol scope ($50) and you're set!
If your rear sight is silver soldered on, you can either use a torch (carefully) to get it off, or go for the UTG trirail mount that works very very well (poster above mentioned it)
I have even shortened one to "22 Rifle" length and used Trail Boss Powder and 110 grain .308 bullets (Sierra) to create a 600 ft-lb hunting rifle for a ten year old that feels just about like a 22 when you pull the trigger. Not kiddin'!
Pretty funny to set up at the local range working at 200 yard targets with a 74 year old rifle, entire setup under $200, and expensive rifles are trying to hit 100 yard targets.
Yes, it can be done and you'll learn a ton for very little money and jut a bit of elbow grease.