I think accuracy would be the least of your problems. IF you can get someone to do the work, and IF you can get the rounds to feed, and IF the receiver ring will hold up, you still are making a common mistake in confusing pounds per square inch pressure with absolute pressure.
The following is very rough, but you can do your own measurements and calculations if you want. The internal pressure of the .308 and the .264 is about the same at 60,000 psi (piezo gauge). If you measure the internal diameter of the rear of the case, you will find that about 6000 pounds of that are pushing back against the bolt lugs. (The part of that 60,000 pounds pushing sideways or forward doesn't count.)
That is not 6000 pounds per square inch, that is absolute pressure. For the larger base .264 case, that figure is about 7500 pounds, a lot more and much more than that action was ever made to take. (The 7.62 NATO is actually too much, a bit like a proof load every shot, but the rifles will take it for a while.)
So, IMHO, bolt smoothness or not, I strongly recommend a better action for that cartridge, like a modern sporter designed for that kind of pressure. It will cost more, but I checked at Wal-Mart and they are out of spare eyeballs and can't get any more. Shoot the old rifle with the ammo it was made for and save the body parts you have.
Jim