If you could build a rifle similar to the M40 for under a grand, I would definately like to know the name of your gunsmith. As far as I know, the "M40" has never been available to the public. I saw a program one time on tv and if I remember correctly, they started with a 40X action, but it may have been just a 700 action. Regardless, you can get pretty close out of the box with a milspec 5R, take it to a good riflesmith and have the action and boltface trued and lap the lugs, you will be close.