There was a really good thread on this a couple of weeks ago. Generally the mid 80's or older 700's are significantly smoother than today's offerings. Look for receivers with the 2 filler screws on the side opposite the bolt handle for a peep sight. These are of superior quality IMO and the opinion of several folks I know who've built full custom bench guns. A new receiver can sometimes be polished to improve function.
Most people don't know but there are other things to look for when selecting a 700 for a custom build. Look for what's known as "full cam" on the bolt handle. Ideally when the bolt handle is down you want about .010" clearance between the leading edge of the handle and the steel cut-out in the receiver. You want around .040" on the backside of the handle and receiver. This will maximize the camming force. When you lift the handle it will start the bolt heading back smoothly. I've got one 700 that's exactly opposite of what I describe. It has very little cam. You actually have to physically pull the bolt back a bit to get it jumping backwards. A well timed bolt will start itself backwards when the bolt is lifted. This is a more important thing to look for than age of the receiver IMO. Just remember by eye look for approximately 3 or 4 times more clearance on the back of a closed bolt handle compared to the front.
What part do you want elaborated? Bolt timing? It may be easier to understand if you have a 700. Watch how the angled piece cams on the reciever when the bolt handle comes up. Note the further forward the bolt handle sits the more camming occurs. Most 700's are fine. When you get a bad one it's obvious.
Horse: I was told about and shown the clearances by a master builder. I'm not a fan of Remington, but I thought it very interesting. When this builder sets his custom builds up he does it the way you described.
My 1970 built Model 700 looks and functions just as Horse described. The tolerances might be off by a hair, if even that. As soon as the bolt is fully upright its almost as if it jumps back and it takes almost nothing to retract the bolt.
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