If I had his rifle I would fire-lap it then see how it shoots. Being me, I would try paper patching or cast with appropriate sized boolits. Being a No4, and if I had some spare cash I would look at a 25-303 or 6mm Musgrave (6mm-303) re-barrel. Playing around with rust damaged or worn bores is not going to be everyones cup of tee. Having a 25-303 on a SMLE action I would definately prefer such a cartridge on a No.4 action. It would be my preference over a 6mm-303. A 22-303 would get my attention. It's a rimmed 220 Swift! (But would have to operated at starting loads as max for the No.4).